Norwegian completes Prestige acquisition

Norwegian Cruise Line Holdings – the umbrella company of Norwegian Cruise Lines – has completed the acquisition of Prestige Cruises International, for a reported figure of  £1.9bn.

The deal for Prestige, which owns both Regent Seven Seas Cruises and Oceania Cruises, means that Norwegian Cruise Line Holdings has increased its capacity by 20%.

The company also announced that Francis Riley will take up a newly created role across all three brands as senior vice president, international.

Graham Sadler, current managing director of Regent Seven Seas, will become managing director of all three brands in the UK.

The purchase of Prestige gives Norwegian Cruise Lines a far more diversified offering, according to Kevin Sheehan, the company’s president.

“While for years we have competed successfully with our one brand in an increasingly consolidated industry, our acquisition of Prestige creates a new cruise operator with a range of complementary offerings as diversified as any in the industry,” he said.

“We now shift our focus from planning for the successful integration of these organisations to the implementation phase, with an organisational structure that allows for the realisation of significant synergies while maintaining the integrity of the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands that have made each a success in their respective segment.”

Frank Del Rio, chief executive officer of Prestige Cruise Holdings, said, “We’re excited to officially join the Norwegian family and ready to begin this next chapter as one united company.

“Together, we will further our brands’ position as leaders in the upper-premium and luxury cruise markets by continuing to deliver an exceptional onboard experience for our guests, and expand the reach of both Oceania Cruises and Regent Seven Seas Cruises throughout the world.”