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Norwegian Cruise Line Holdings, the world's third largest cruise operator, is acquiring Prestige Cruises International for $3.025 billion in cash and stock, the company announced Tuesday morning. The deal would give Norwegian Cruise, a company with a market value of $6.8 billion, access to Prestige Cruises' luxury cruise ships and affluent clientele as it competes with bigger rivals Royal Caribbean Cruises and Carnival.
"Our complementary strengths and skill sets will pave the way for new cross-selling opportunities, cross-brand collaboration, cross-business support, as well as joint partnerships which, coupled with meaningful synergies that can be quickly implemented, will provide solid accretion to earnings per share and drive long-term shareholder value," Kevin Sheehan, Norwegian Cruise Line's chief executive officer, said in a statement. The announcement said Frank Del Rio will remain chief executive officer of Prestige, which operates eight ships and about 6,500 berths under two brands — Oceania Cruises and Regent Seven Seas Cruises.