Virgin Cruises' first ship purchase nears completion

Virgin Cruises is in the final stage of purchasing its first two ships, a deal estimated to be worth approximately $1.7 billion US.

According to a report in The Telegraph, Virgin CEO Richard Branson revealed the news in an interview with the U.K. publication, stating that the purchasing process of the ships is nearing completion. Branson added that the ships would likely be built in either Germany or Italy, to be constructed over the next four to five years, the report said.

Announced in December, Virgin Cruises will be based in Miami and led by CEO Tom McAlpin, the former president/CEO of The World, Residences At Sea. Alpin also served as president of Disney Cruise Line, where he was part of the founding management team.