Norwegian completes acquisition of Prestige Cruises

Norwegian Breakaway (photo by Leonard Zhukovsky)
Norwegian Breakaway (photo by Leonard Zhukovsky)

Norwegian Cruise Line (NCL) has completed the acquisition of Prestige Cruises International, which operates the Oceania Cruises and Regent Seven Seas Cruises brands.

The deal is worth US$3.025 billion in cash and stock, and includes the assumption of Prestige’s debt.

Following the acquisition, NCL will operate continue to operate the two Prestige brands, adding them to an expanded cruise portfolio that now covers three distinct market segments.

Norwegian will continue to operate large ocean-going cruise ships, while Oceania will offer an “upper premium experience” with a fleet of mid-sized ships. Regent Seven Seas Cruises operates three luxury all-suite ships, with one additional ship to be delivered in summer 2016.

“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,” said Kevin Sheehan, president & chief executive officer of NCL.

“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.”

Following the completion of the deal, the newly expanded company will operate a combined fleet of 21 ships with approximately 40,000 berths, visiting more than 430 destinations worldwide. Five new ships will be delivered to the company’s three brands between now and 2019.

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