Star Cruises closes US$1bn deal with Apollo on NCL

HONG KONG – Star Cruises Limited announced yesterday the formal completion of the transaction of the US$1 billion cash equity investment with Apollo Management LP in NCL Corporation Ltd, parent company of Norwegian Cruise Line and NCL America.

As of closing, Apollo through its affiliates NCL Investment Ltd and NCL Investment II Ltd., has become a 50 percent owner of NCL. Star Cruises, NCL’s previous sole shareholder, has retained all of its existing shares in NCL and, like Apollo, is a 50 percent owner. Apollo will name a majority of the NCL board of directors with certain consent rights retained by Star Cruises.

The infusion strengthens NCL’s balance sheet and will enable the company to make significant investment in a number of key areas, in addition to funding continued expansion of what is already the youngest fleet in the industry