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Billion-dollar boost for NCL expansion
HONG KONG – The completion of a US$1 billion deal with private equity investor Apollo Management has allowed Star Cruises’ affiliate NCL Corporation to set course for a new growth phase.
Apollo has become a 50 per cent owner of NCL.
Star Cruises, NCL’s previous sole shareholder, has retained its existing shares in NCL and, like Apollo, is a 50 per cent owner.
Apollo will name a majority of the NCL board of directors with certain consent rights retained by Star Cruises.
Star Cruises chairman and CEO Tan Sri K T Lim said: “We are extremely proud of what we have achieved to date with NCL, but we are even more optimistic about what the future holds for the company now that Apollo has joined us.”
David Chu, president of Star Cruises, said the transaction “strengthens the capital base of NCL to optimise its operational leverage, particularly as it enables NCL to put in place a strong capital structure that matches its long term growth strategy”.
He said Star Cruises Asia would focus on its well-established Asian franchise by actively developing its Greater China market.
“Larger cruise ship will be redeployed to cope with the market growth,” he added.
Partner at Apollo Management, Steve Martinez, said Apollo was in full support of the existing NCL management team.
President and CEO of NCL Colin Veitch said: “With the Apollo investment, NCL is now in the strongest financial condition we have ever enjoyed in our 41-year history.”
NCL said it would take its signature Freestyle Cruising to the next level with the introduction of Freestyle 2.0. The company is also in the process of building of its “F3” concept ships which cost over US$1.1 billion each.
Ian Jarrett
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