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Norwegian buys luxury cruise lines in multi-billion dollar deal
Norwegian Cruise Line has confirmed the purchase of Prestige Cruises International, the parent of luxury Oceania Cruises and Regent Seven Seas Cruises, for more than $3 billion.
The deal, which is expected to be completed by the end of the year, adds eight ships to Norwegian’s fleet of 13 vessels.
It also gives the Miami-base line access to a higher-fare paying customer base.
"The acquisition of Prestige represents an extraordinary opportunity for Norwegian Cruise Line to expand our market presence by adding two established, award-winning brands in the upscale cruise segment with loyal followings," said Norwegian CEO Kevin Sheehan in a statement on the company’s website.
Prestige chairman and CEO Frank Del Rio will remain CEO of Prestige, which is based in Doral.
"We are excited to become part of the Norwegian family and start a new chapter for our company," Del Rio said in the statement.
"With Oceania and Regent, we have built iconic brands with distinctive product offerings and strong customer loyalty. The combination is very compelling and will allow us to further enhance our renowned guest experience."
Norwegian said it will finance the acquisition with existing cash, new and existing debt and the issuance of approximately 20.3 million shares of its common stock. Prestige is owned by private equity firm Apollo, which also owns 20% of Norwegian.
"The combination of three distinct brands, each serving a different market segment, under one umbrella immediately creates an industry-leading cruise operator with an unmatched growth trajectory and a portfolio of products that allows us to appeal to guests at every stage of their life cycle," Sheehan said in the statement.
"We are fully committed to retaining the brand propositions, guest experiences and cultures of the Norwegian, Oceania and Regent brands that have allowed each to realize such success
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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