The Asian company, which currently operates Star Cruises and holds a stake in Norwegian Cruise Line, has entered into an agreement to buy Crystal Cruises from Japanese shipping company Nippon Yusen Kaisha (NYK).
The deal is expected to close in the second quarter of 2015.
“Crystal Cruises offers the epitome of luxury cruising and the service standard which all other cruise lines aspire to,” said Lim Kok Thay, chairman, CEO & acting president of Genting Hong Kong.
“Genting will provide financial resources and proven expertise in innovative ship design to build a new ship that will set the highest standard in luxury cruise ships that together with Crystal’s six-star legendary service will reinforce Crystal’s reputation as the world’s leading luxury cruise line for decades to come.”
Under the terms of the agreement, Genting Hong Kong will pay NYK US$550 million in cash for Crystal Cruises, including its two ships, the Crystal Symphony and Crystal Serenity. Crystal’s current management team and crew will continue to lead the company after the takeover.
“After 25 successful years with NYK, we are excited to have Genting Hong Kong as the new owner of Crystal Cruises,” said Edie Rodriguez, Crystal’s president & chief operating officer.
“The proposed expansion of our fleet will present our loyal Crystal Society members and new luxury cruise guests with more itinerary options, accommodation choices and exceptional vacation experiences, as we continue to position Crystal as the innovative leader in global luxury cruising.”
Founded in 1988, Crystal is headquartered in Los Angeles. Its two ships, the 51,000-tonne Crystal Symphony and 69,000-tonne Crystal Serenity, can carry a total of almost 2,000 passengers and are known for their luxury facilities.