The acquisition increases the capacity of the world's third largest cruise company by almost20%.
Synergies worth $25 million have been identified, with additional opportunities following integration.
The acquisition boosts the company's industry-leading financial metrics.
Norwegian Cruise Line Holdings Ltd. (NASDAQ: NCLH), one of the world's leading cruise companies, has announced the closing of its previously announced acquisition of Prestige Cruises International, Inc. (“Prestige”), the leading operator in the luxury segment and parent company of Oceania Cruises and Regent Seven Seas Cruises, for a total of $3.025 billion in cash and stock, including the assumption of debt.
With this acquisition, Norwegian Cruise Line Holdings Ltd. now boasts a portfolio of brands that spans all segments of the cruise industry, from innovative cruises to upscale and luxury cruises. Each brand offers a distinct experience within its segment. Thanks to its Freestyle Cruising philosophy, with its inherent flexibility and freedom, Norwegian Cruise Line provides guests with the opportunity to enjoy a relaxed, resort-style vacation aboard some of the most innovative ships in the industry. Oceania Cruises leads the upscale cruise sector, offering gourmet dining experiences on its fleet of midsize ships. Meanwhile, Regent Seven Seas Cruises is the leader in the luxury cruise sector, with a fleet of three award-winning, all-suite ships, and a new ship joining the fleet in summer 2016.
At the closing of the acquisition, Kevin Sheehan, President and CEO of Norwegian Cruise Line Holdings Ltd., commented, “For years we have successfully competed in this increasingly consolidated industry with a single brand. With the acquisition of Prestige, we have created a cruise operator with a wide range of complementary offerings that is just as diversified as our competitors. Now our focus will shift from a successful integration of these organizations to the implementation phase, with an organizational structure that allows for significant synergies while maintaining the integrity of the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, which have proven successful in their respective business segments.”
“We are delighted to officially become part of the Norwegian family and begin a new chapter together as one company,” said Frank Del Rio, CEO of Prestige Cruise Holdings, Inc. “Together, we will solidify our brands’ position as leaders in the upscale and luxury cruise industry, continuing to offer our guests an exceptional vacation experience and expanding the reach of Oceania Cruises and Regent Seven Seas Cruises worldwide.”
