Sep. 2, 2014, 8:19 AM
- Norwegian Cruise Line Holdings (NASDAQ:NCLH) snaps up Prestige Cruises International for $3.025B.
- Prestige operates eight ships under two different brands - Oceania Cruises and Regent Seven Seas Cruises.
- The company plans to finance the acquisition through existing cash and by tapping credit facilities. In addition, Norwegian will issue 20.3M new shares of common stock.
- NCLH halted until 8:30 am ET.
Sep. 1, 2014, 1:32 AM
- Norwegian Cruise Line Holdings (NASDAQ:NCLH) is said to be in advanced talks with Prestige Cruises, and may announce an agreement to acquire the latter for $3B as early as this week, Reuters reports.
- Prestige Cruises posted revenues of $1.2B in 2013, up 6% from the year earlier.
- Private equity firm Apollo Global (NYSE:APO), the owner of Prestige Cruises, also owns a 20% stake in Norwegian Cruise. Prestige filed for an IPO in January.
- Competitors: CCL, RCL
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