Norwegian Wraps Up Prestige Takeover
- Business & Finance
Cruise operator Norwegian Cruise Line Holdings Ltd. has completed its previously-announced acquisition of Prestige Cruises International, Inc, the company said yesterday.
The acquisition, signed in September, was carried out for a total transaction consideration of USD 3.025 billion, including the assumption of debt.
“With this acquisition, Norwegian Cruise Line Holdings Ltd. operates a portfolio of brands that span all market segments in the cruise industry, from contemporary to upper-premium to luxury,” Norwegian Cruise Line said.
Prestige is the parent company of Oceania Cruises and Regent Seven Seas Cruises.
Commenting on the closing of the acquisition, Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line Holdings Ltd., said, “While for years we have competed successfully with our one brand in an increasingly consolidated industry, our acquisition of Prestige creates a new cruise operator with a range of complementary offerings as diversified as any in the industry.
We now shift our focus from planning for the successful integration of these organizations to the implementation phase, with an organizational structure that allows for the realization of significant synergies while maintaining the integrity of the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands that have made each a success in their respective segment.”
Prestige operates eight ships and approximately 6,500 berths under two segment-leading brands. Oceania Cruises operates in the upper-premium cruise segment with five ships offering destination-oriented cruise vacations to more than 330 ports around the globe.
Regent Seven Seas Cruises operates three all-suite ships, with an additional ship on order slated for delivery in summer 2016.