Norwegian to acquire Prestige Cruises

Norwegian Cruise Line has announced that it will acquire Prestige Cruises International, Inc., the privately-held parent company of Oceania Cruises and Regent Seven Seas Cruises.

According to a press release from Norwegian, the three businesses will continue operating as usual, with the Oceania and Regent brands kept intact. The purchase is expected to be finalized in the fourth quarter of 2014. Frank Del Rio will remain chief executive officer of Prestige.

The transaction, a combination of cash and stock, is valued at more than $3 billion U.S., including assumption of debt. Additionally, a contingent cash consideration of up to $50 million to Prestige shareholders would be payable upon achievement of certain 2015 performance metrics, according to a statement by Norwegian.

Oceania Cruises currently operates with five ships offering destination-oriented cruise vacations to more than 330 ports around the globe, while Regent Seven Seas Cruises operates three all-suite ships, with an additional ship on order for delivery in summer 2016.

(Photo credit: Piergiuliano Chesi/Wikimedia)