News

Norwegian Expands With $3B Acquisition of Oceania, Regent Seven Seas

By: Caribbean Journal Staff - September 3, 2014

Above: Norwegian Breakaway

By the Caribbean Journal staff

One of the world’s biggest cruise lines is getting a whole lot bigger.

Norwegian Cruise Line Holdings announced Tuesday it had entered into an agreement to acquire Prestige Cruises International, the parent company of luxury cruise lines Oceania Cruises and Regent Seven Seas Cruise.

The total transaction consideration of the deal was worth $3.025 billion in cash and stock, including assumption of debt.

It also includes a contingent cash consideration of up to $50 million to Prestige shareholders that would be payable upon achievement of certain performance metrics in 2015, the companies said.

“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, in a statement. “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.”

Prestige operates eight ships and around 6,500 berths under its two brands. Frank Del Rio will remain CEO of Prestige following the deal.

“We are excited to become part of the Norwegian family and start a new chapter for our company,” Del Rio said. “With Oceania and Regent, we have built iconic brands with distinctive product offerings and strong customer loyalty. The combination is very compelling and will allow us to further enhance our renowned guest experience.  We are looking forward to joining the Norwegian team and building upon the success that our three brands have already achieved.”

Norwegian will finance the deal with existing cash, new and existing debt facilities and the issuance of around 20.3 million shares of its common stock.

Popular Posts cape santa maria

From Anguilla to Aruba, the Best Caribbean Beaches to Visit This Summer

Forget the Hamptons, forget Santorini. And Florida? There’s a reason snowbirds go home in the summer. If you’re looking for a summertime beach getaway, the Caribbean is it. The water is deliciously warm, the trade winds keep you cool and […]


From Belize to Grenada, 10 Little Caribbean Beach Resorts to Visit Right Now 

karibuni

There are different resorts for different vacations, different tastes, different moods. For some, there’s something delicious about a pint-sized, tiny Caribbean resort, where the emphasis is on the intimate, the serene. Where the soundtrack isn’t a piped-in DJ set, but […]


Southwest Airlines Is Starting New Flights to Turks and Caicos, Cayman and The Bahamas 

beach at palms resort with umbrellas

Orlando has become an increasingly important source market for Caribbean travel in recent years, with carriers like Spirit and JetBlue adding new routes to the region to destinations like Cancun, Punta Cana and Puerto Rico.  Now, another carrier has is […]


Related Posts barbados hotelier in front of chta sign

The Secret to Great Hospitality? For Barbados’ Top Hotelier, It’s “Excellence Everywhere”

Renowned Barbados hotelier Patricia Affonso-Dass was recently crowned Caribbean Hotelier of the Year by the Caribbean Hotel and Tourism Association.  Affonso-Dass, the group general manager of Barbados’ Ocean Hotels Group, earned the honor during the CHTA’s Caribean Travel Marketplace conference, […]


The Top-Rated Caribbean Cruise Lines, According to Travel Advisors

celebrity cruises bahamas

It’s hard picking a cruise option these days, as the industry continues to roar back in the last few years, along with a slew of new offerings. And there’s where a seasoned Caribbean travel expert can help. In an unofficial […]


New Nonstop Flights From Holland to Bonaire 

bonaire

Corendon Dutch Airlines will begin twice weekly service from Amsterdam to Bonaire, following the success of its flights to Curaçao and what it called “growing demand” for holidays in Bonaire. The flight, which will operate on Wednesdays and Sundays, will make […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You