Star Cruises unit in US$1 bil equity sale
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Star Cruises and Apollo will each hold a 50% stake in NCL when the deal is done. Star Cruises, which reversed consecutive losses to post a second-quarter profit of US$23.4 million, is trying to refocus on the Asia Pacific market and cut its financial burden to fund NCL’s business, Bloomberg said.
The board considers that the growing travel and tourism markets in the Greater China markets provide attractive and compelling business opportunities on which the company will focus its attention and resources, “Star Cruises said in the statement.
New York-based Apollo, which manages US$33 billion globally, has various interests in the leisure, hospitality and entertainment industries.
Star Cruises has 21 ships under the brand names Star Cruises, Norwegian Cruises Lines, NCL America, Orient Lines and Cruise Ferries. NCL operates 13 ships under the Norwegian Cruise Line, NCL America and Orient Lines brands. The transaction will also enable NCL to fund future expansion and build new ships. Completion of the transaction is expected early in Q4 2007, subject to approvals.
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