Identified synergies of $25 million with additional opportunities post-integration
Acquisition enhances Company’s industry-leading financial metrics
Norwegian Cruise Line Holdings Ltd. (Nasdaq: NCLH) (the “Company”), a leading global cruise operator, has announced that it has completed its previously-announced acquisition of Prestige Cruises International, Inc. (“Prestige”), the market leader in the upscale cruise segment and parent company of Oceania Cruises and Regent Seven Seas Cruises, in cash and stock for a total transaction consideration of $3,025 billion, including the assumption of debt.
With this acquisition, Norwegian Cruise Line Holdings Ltd. operates a portfolio of brands that span all market segments in the cruise industry, from contemporary to upper-premium to luxury. Each brand offers differentiated experiences in their respective segments. The Norwegian Cruise Line brand provides the freedom and flexibility of a resort-style holiday on board some of the most innovative ships in the industry with its unique Freestyle Cruising proposition. Oceania Cruises offers an upper premium experience with the finest cuisine at sea on its fleet of mid-sized ships, while 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.
Commenting on the closing of the acquisition, Kevin Sheehan, President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd., said, “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. We now shift our focus from planning for the successful integration of these organizations to the implementation phase, with an organizational structure that allows for the realization 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.”
Frank Del Rio, Chief Executive Officer of Prestige Cruise Holdings, Inc., commented, “we’re excited to officially join the Norwegian family and ready to begin this next chapter as one united company. Together, we will further our brands’ position as leaders in the upper-premium and luxury cruise markets by continuing to deliver an exceptional on-board experience for our guests, and expand the reach of both Oceania Cruises and Regent Seven Seas Cruises throughout the world.”
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