Norwegian

Norwegian buys Oceania, Regent Seven Seas parent for $3b

MIAMI — Norwegian Cruise Line Holdings Ltd. has entered into a definitive agreement to buy Prestige Cruises International, Inc., parent company of Oceania Cruises and Regent Seven Seas Cruises for US$3.025 billion, including the assumption of debt.

“The acquisition of Prestige represents an extraordinary opportunity for Norwegian Cruise Line to expand our market presence by adding two established, award-winning brands in the upscale cruise segment with loyal followings,” said Kevin Sheehan, Norwegian Cruise Line’s chief executive officer. “Not only does this acquisition immediately enhance our financial performance, but it also deepens the bench of talent that we have been developing over the years.”

“We are excited to become part of the Norwegian family and start a new chapter for our company,” said Frank Del Rio, chairman and CEO of Prestige. “With Oceania and Regent, we have built iconic brands with distinctive product offerings and strong customer loyalty.”

Prestige operates eight ships and approximately 6,500 berths under two brands. Oceania Cruises is in the upper-premium cruise segment with five ships offering destination-oriented cruise vacations to more than 330 ports around the globe.

Regent Seven Seas Cruises operates in the luxury cruise segment and operates three all-suite ships, with an additional ship on order for delivery in summer 2016. Frank Del Rio will remain chief executive officer of Prestige.

“The combination of three distinct brands, each serving a different market segment, under one umbrella immediately creates an industry-leading cruise operator with an unmatched growth trajectory and a portfolio of products that allows us to appeal to guests at every stage of their life cycle,” added Sheehan. “We are fully committed to retaining the brand propositions, guest experiences and cultures of the Norwegian, Oceania and Regent brands that have allowed each to realize such success.”