Norwegian acquires Prestige

Norwegian acquires Prestige

Norwegian Cruise Line has completed the acquisition of Prestige Cruises in a deal worth US$3.025 billion.

The deal sees Norwegian Cruise Line expand its portfolio of brands to span all market segments within the industry, from contemporary to upper-premium to luxury.

The deal includes the purchase of Oceania Cruises and Regent Seven Seas Cruises, both of which form part of the Prestige brand.

Oceania Cruises is a leading presence in the upper premium segment of the industry, while Regent Seven Seas Cruises offers luxury cruises and operate three all-suite ships, with another on the way in 2016.

“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,” said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line Holdings. “We now shift our focus from planning for the successful integration of these organisations to the implementation phase, with an organisational structure that allows for the realisation of significant synergies while maintaining the integrity of the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands that have made each a success in their respective segment.”

“We’re excited to officially join the Norwegian family and ready to begin this next chapter as one united company,” said Frank Del Rio, chief executive officer of Prestige Cruise Holdings. “Together, we will further our brands’ position as leaders in the upper-premium and luxury cruise markets by continuing to deliver an exceptional onboard experience for our guests, and expand the reach of both Oceania Cruises and Regent Seven Seas Cruises throughout the world.”

Sean Dudley
By Sean Dudley
20 November 2014