NCL: Apollo has Landed!
January 8, 2008 by admin
Private equity group Apollo Management agreed in September 2007, to become a major shareholder in NCL. This has now been finalised and Apollo have spent $1 billion for a 50 percent share of NCL. Star Cruises, NCL’s previous sole shareholder, still holds the other 50 percent.
A cruise line statement said “the money and backing will enable the line to implement Freestyle 2.0, a series of fleet-wide enhancements announced aboard Norwegian Gem just after its naming ceremony in New York last month”.
NCL has spent massively over the last few years with many new builds as they try and see off the threat of the Carnival Corporation and Royal Caribbean International. With two F3 prototypes on order at over $1.1 billion per ship, (first one due in 2009) it is no surprise to see some form of outside investment.
So what does this do for Apollo, well in a short period of time they now own 50% of NCL, Oceania Cruises and have agreed to purchase Regent Seven Seas. Oceania Cruises and Regent Seven Seas are to be run independently under the banner of Prestige Cruise Holdings.
Not sure about reaching for the stars but in the cruising world Apollo has landed!
