Norwegian Cruise Takes Over Prestige

Norwegian Cruise's Multi-Billion Catch

Norwegian Cruise Line Holdings Ltd., has entered into a definitive agreement to acquire Prestige Cruises International, Inc., parent company of Oceania Cruises and Regent Seven Seas Cruises, in cash and stock for a total transaction consideration of USD 3.025 billion, including the assumption of debt, the company announced in a press release.

“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 Kevin Sheehan, Norwegian Cruise Line’s chief executive officer.

“Not only does this acquisition immediately enhance our financial performance, but it also deepens the bench of talent that we have been developing over the years.

Our complementary strengths and skillsets will pave the way for new cross-selling opportunities, cross-brand collaboration, cross-business support, as well as joint partnerships which, coupled with meaningful synergies that can be quickly implemented, will provide solid accretion to earnings per share and drive long-term shareholder value,” said Sheehan.

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 award-winning, all-suite ships, with an additional ship on order for delivery in summer 2016.

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,” said Sheehan.

“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.”

Press Release; September 02, 2014

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