Norwegian Cruise Line acquires Prestige Cruises for $3.025 Billion

Norwegian Cruise Line acquires Prestige Cruises for $3.025 Billion

Norwegian Cruise Line acquires Prestige Cruises for $3.025 Billion

Norwegian Cruise Line Holdings (NCL) agreed to acquire Prestige Cruises International in cah and stock deal for $3.025 billion, including debt.

Under the terms of the deal, Norwegian Cruise Line pay to an additional $50 million to Prestige if the target company will have certain financial performance targets next year. Prestige was created by private equity firm Apollo Global Management seven years ago to seek luxury cruise investments. Apollo owns about 20 percent of NCL. Two another NCL major shareholders, TPG Capital and Genting Hong Kong Limited, have agreed to the deal. Both companies ows about 36 percent of the cruise liner.

The deal is expected to close by end of the year.

Norwegian Cruise Line advisors are Barclays, JPMorgan Chase, Deutsche Bank, the law firm eil, Gotshal & Manges and Deloitte, the consulting company. A transaction committee of its board was advised by Perella Weinberg Partners and the Cravath, Swaine & Moore LLP.

Prestige was advised by UBS and the law firm Paul, Weiss, Rifkind, Wharton & Garrison.

Mr. Stakebay says:

This deal helps Norwegian Cruise to access to Prestige Cruises’ luxury cruise ships and another competitions with rivals Carnival Corp and Roayal Caribbean Cruises Ltd. Norwegian Cruise, located in Miami, operates 13 cruise ships through North America, the Baltic, the Mediterranean, Central American and the Caribbean.

 

NORWEGIAN CRUISE LINE

PRESTIGE CRUISES

Revenue

$ 2.57 billion (2013)

$ 1.18 billion (2013)

Operating income

$ 395.88 Million (2013)

$ 106.4 Million (2013)

Profit

$ 101.7 Million (2013)

$ 35.52 Million (2013)

Total assets

$ 6.65 billion (2013)

$ 2.99 Billion (2013)

Total Equity

$ 2.63 billion (2013)

$ 27.58 million (2013)

Employees

1900 (2013)

1612 (2013)

 

CEO of NCL ……………………… Kevin Sheehan ……(2008-present)……………$4 358 384 (2013)

Chairman and CEO OF PCH…….. Frank Del Rio……..(2001-present)……………$3 508 382 (2013)

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