Norwegian completes $3 billion acquisition of Prestige Cruises
.JPG "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)")
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.
This story was originally published November 19, 2014 at 5:33 PM with the headline "Norwegian completes $3 billion acquisition of Prestige Cruises."