NCL Corporation, the parent company of Norwegian Cruise Line, has attracted a $1 billion investment from US private equity group Apollo Management.
The deal will strengthen the cruise line’s balance sheet and its ability to expand one of the industry’s youngest fleets of ships.
Apollo will become half owner of NCL with Far East-based Star Cruises and will name a majority on the NCL board.
Apollo partner Steve Martinez said: “We are very excited to be forming this partnership with Star Cruises and the existing management team at NCL.
“Our investment will help NCL complete its transition into the youngest fleet in the cruise industry, with a truly original next generation product with its F3 concept ships.
“We believe the NCL brand has significant growth potential over many years to come.”
NCL preisdent and CEO Colin Veitch said: “To have an investment on this scale by one of the very top names in the private equity world is a huge vote of confidence in the new NCL we have created since Star Cruise become the owner in 2000.”
by Phil Davies
