Norwegian Cruise Line, just announced an agreement to acquire the privately held Prestige Cruises International, the parent company of Oceania Cruises and Regent Seven Seas Cruises, for $3.025 billion. The deal combines one of the world's biggest and fastest growing mass-market lines with two leaders of the upscale side of the cruise industry. In contrast to Norwegian's multi-thousand passenger ships, Oceania and Regent operate more intimate ships that carry 490 to 1250 passengers and offer a more luxurious and expensive experience.
According to Norwegian CEO Kevin Sheehan, "The acquisition of Prestige represent an extraordinary opportunity for Norwegian Cruise Line to expand our market presence by adding two established, award-winning brands in the upscale cruise segment with loyal followings. Sheehan also added that the combination would "pave the way for new cross-selling opportunities, cross-brand collaboration, and cross-business support". Even after the acquisition, Norwegian will remain the third largest cruise company in size with 21 ships. The industry leader Carnival, has 100 ships among its 10 brands; and Royal Caribbean Cruises who has 42 ships with its six brands, including Royal Caribbean, Celebrity and Azamara.
