Tourism & Cruises

Norwegian completes $3 billion acquisition of Prestige Cruises

Oceania Cruises' new ship, Marina, is shown docked at the Port of Miami in this file photo. The upper-premium line was acquired by Norwegian Cruise Line Holdings. (Al Diaz/Miami Herald/MCT)
Oceania Cruises' new ship, Marina, is shown docked at the Port of Miami in this file photo. The upper-premium line was acquired by Norwegian Cruise Line Holdings. (Al Diaz/Miami Herald/MCT) MCT

Norwegian Cruise Line Holdings said Wednesday that its acquisition of high-end Prestige Cruises International for more than $3 billion has officially closed.

The acquisition means Miami-based Norwegian now has a fleet of 21 ships across three brands — Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises — with five more vessels being added through 2019.

In September, Norwegian announced that it planed to buy the smaller company for $3.025 billion in cash and stock, a transaction that included the assumption of debt. Oceania is classified as “upper-premium” with a strong culinary focus, and Regent Seven Seas is a luxury brand featuring smaller all-suite ships.

“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,” Norwegian Cruise Line Holdings president and CEO Kevin Sheehan said in a statement.

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