Today, Norwegian Cruise Line Holdings Ltd. announced the acquisition of Prestige Cruises International, Inc., the parent company of both Regent Seven Seas and Oceania Cruises.
The $3.025 billion deal thrusts Norwegian into the premium and luxury markets with the newly obtained control of Regent and Oceania. Prestige Cruises currently operates eight ships, which will now sail alongside Norwegian Cruise Line’s 13 ships to a variety of destinations throughout the world. Each cruise line under the ownership will continue to operate separately in their distinct sectors of service.
“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. “Not only does this acquisition immediately enhance our financial performance, but it also deepens the bench of talent that we have been developing over the years. Our complementary strengths and skillsets will pave the way for new cross-selling opportunities, cross-brand collaboration, cross-business support, as well as joint partnerships which, coupled with meaningful synergies that can be quickly implemented, will provide solid accretion to earnings per share and drive long-term shareholder value,” added Sheehan.
“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.”
“The combination of three distinct brands, each serving a different market segment, under one umbrella immediately creates an industry-leading cruise operator with an unmatched growth trajectory and a portfolio of products that allows us to appeal to guests at every stage of their life cycle,” added Sheehan. “We are fully committed to retaining the brand propositions, guest experiences and cultures of the Norwegian, Oceania and Regent brands that have allowed each to realize such success.”
Norwegian Cruise Line Holdings Ltd.’s acquisition of Prestige Cruise International solidifys its third largest market share in the cruise industry, bolstering its outlook and growth both in the near and distant future.