Norwegian Cruise Line to buy Oceania and Regent Seven Seas

Norwegian Cruise Line to buy Oceania and Regent Seven Seas

Norwegian Cruise Line Holdings has agreed a deal to buy Prestige Cruises International for a fee of around $3billion.

The acquisition of Prestige, the parent company of high-end cruise lines Oceania and Regent Seven Seas, will give Norwegian clout in the upscale market through the brands’ eight ships.

Kevin Sheehan, Norwegian Cruise Line’s chief executive officer, called the deal an “extraordinary opportunity [for Norwegian to] expand our market presence by adding two established, award-winning brands in the upscale cruise segment.”

He said: “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.”

Frank Del Rio, chairman and chief executive officer of Prestige, said: “We are excited to become part of the Norwegian family and start a new chapter for our company.

“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.”

Oceania Cruises is the market leader in the upper-premium cruise segment, while Regent Seven Seas Cruises leads the market in the luxury segment.

Norwegian, the world’s third largest cruise company, is best known for its “freestyle” cruising concept.

The company recently announced two new ships of four within its Breakaway-Plus class – Escape, pictured above, and Bliss, due in 2017.

Escape will enter service in October 2015, setting sail from Southampton at the end of the month, before eventually heading to its homeport in Miami.

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