Norwegian Cruise Line Acquires Prestige Cruises

Courtesy Norwegian Cruise Line web site

Courtesy Norwegian Cruise Line web site

Earlier this month, Norwegian Cruise Line Holdings entered into an agreement to purchase Prestige Cruises International, the market leader in the upscale cruise segment and the parent company of Regent Seven Seas Cruises and Oceania Cruises. Norwegian will acquire Prestige for $3.03 billion in cash, stock and assumed 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.

Oceania Cruises is the market leader in the upper-premium cruise segment with five ships offering destination-oriented cruise vacations to more than 330 ports.

Regent Seven Seas Cruises is the market leader in the luxury cruise segment and operates three award-winning, all-suite ships, with an additional ship on order for delivery in summer 2016. Regent offers inclusive luxury vacation cruises visiting over 250 destinations worldwide.

“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. 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.”

Frank Del Rio will remain chief executive officer of Prestige, at least through 2015.

Norwegian Cruise Line  has 13 ships and is best known for introducing the “Freestyle Cruising” concept, which gives guests more flexibility and the opportunity to experience a resort style cruise vacation. Norwegian has four more vessels on order for delivery between fall 2015 and fall 2019.

SOURCE Norwegian Cruise Line press release. Images copyright Norwegian Cruise Lines.

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