Norwegian announces US$3.025 billion acquisition of Prestige Cruises International.
Norwegian Cruise Line Holdings has just announced a “definitive agreement” to acquire Prestige Cruises International Inc, the parent company of Regent Seven Seas Cruises and Oceania Cruises.
Norwegian ceo Kevin Sheehan said the deal “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.”
Prestige operates eight ships about about 6,500 berths under the two brands. Frank Del Rio will remain the firm’s chief executive officer, and said “we are excited to become part of the Norwegian family and start a new chapter for our company.”
Sheehan said the combination of the Norwegian, Oceania and Regent Seven Seas 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.”
He said the acquisition also paved the way for new cross-brand selling opportunities,collaboration and support as well as joint partnerships.
The transaction is subject to regulatory approvals and is expected to close by the end of 2014.
More information in tomorrow’s Travel Daily.