Norwegian completes Prestige Cruises deal

Norwegian completes Prestige Cruises deal

Norwegian Cruise Line has completed its previously-announced acquisition of Prestige Cruises International, the market leader in the upscale cruise segment and parent company of Oceania Cruises and Regent Seven Seas Cruises.

The deal came in for a total of $3.025 billion in cash and stock, including the assumption of debt.

With this acquisition, Norwegian Cruise Line Holdings operates a portfolio of brands that span all market segments in the cruise industry, from contemporary to upper-premium to luxury. 

Each brand offers differentiated experiences in their respective segments. 

The Norwegian Cruise Line brand provides the freedom and flexibility of a resort-style vacation on board some of the most innovative ships in the industry with its unique Freestyle Cruising proposition. 

Commenting on the closing of the acquisition, Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line Holdings, 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 organisations to the implementation phase, with an organisational structure that allows for the realisation 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.”

Oceania Cruises offers an upper premium experience with the finest cuisine at sea on its fleet of mid-sized ships, while Regent Seven Seas Cruises is the market leader in the luxury cruise segment and operates three award-winning, all-suite ships, with an additional ship on order for delivery in summer 2016.

Frank Del Rio, chief executive officer of Prestige Cruise Holdings commented,: “We’re excited to officially join the Norwegian family and ready to begin this next chapter as one united company. 

“Together, we will further our brands’ position as leaders in the upper-premium and luxury cruise markets by continuing to deliver an exceptional on board experience for our guests, and expand the reach of both Oceania Cruises and Regent Seven Seas Cruises throughout the world.”