"The combination of three distinct brands, each serving a different market segment, under one umbrel

Norwegian Cruise century 21 apartment rentals in connecticut Line Holdings Ltd. ("Norwegian Cruise Line" or "Norwegian," (NASDAQ: NCLH)), a leading global cruise operator, today announced it has entered into a definitive agreement to acquire Prestige Cruises International, Inc. ("Prestige"), the market leader in the upscale cruise segment and parent company of Oceania Cruises and Regent Seven Seas Cruises, in cash and stock for a total transaction consideration century 21 apartment rentals in connecticut of $3.025 billion, including the assumption of debt.
"The acquisition of Prestige represents an extraordinary opportunity for Norwegian Cruise Line to expand century 21 apartment rentals in connecticut our market presence by adding two established, award-winning brands in the upscale cruise century 21 apartment rentals in connecticut segment with loyal followings," said Kevin Sheehan, Norwegian Cruise Line's chief executive officer. "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. Our complementary strengths century 21 apartment rentals in connecticut and skillsets century 21 apartment rentals in connecticut 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," added Sheehan.
"We are excited to become part of the Norwegian family and start a new chapter for our company," said Frank Del Rio, chairman and CEO of Prestige. "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. We are looking forward to joining the Norwegian team and building upon the success that our three brands have already achieved."
Prestige operates eight ships and approximately 6,500 berths under two segment-leading brands. Oceania century 21 apartment rentals in connecticut Cruises is the market leader in the upper-premium cruise segment with five ships offering destination-oriented cruise vacations to more than 330 ports around the globe, gourmet century 21 apartment rentals in connecticut culinary experiences, elegant accommodations and personalized service. Regent Seven Seas Cruises is the market leader century 21 apartment rentals in connecticut in the luxury cruise segment and operates three award-winning, all-suite ships, with an additional ship on order for delivery in summer 2016. Regent offers the industry's century 21 apartment rentals in connecticut most inclusive luxury vacation experience visiting over 250 destinations worldwide. Frank Del Rio will remain chief executive officer of Prestige.
"The combination of three distinct brands, each serving a different market segment, under one umbrella immediately creates an industry-leading century 21 apartment rentals in connecticut cruise operator with an unmatched growth trajectory and a portfolio of products that allows us to appeal to guests at every stage of their life cycle," added Sheehan. "We are fully committed to retaining the brand propositions, guest experiences and cultures of the Norwegian, Oceania and Regent brands that have allowed each to realize such success."
The total transaction consideration of $3.025 billion includes the assumption of debt. Additionally, a contingent cash consideration of up to $50 million to Prestige shareholders would be payable upon achievement of certain 2015 performance metrics.
In early July, Norwegian's Board of Directors formed a Transaction Committee and delegated century 21 apartment rentals in connecticut it full authority to negotiate and approve a transaction. The Committee consisted entirely of disinterested directors. Genting Hong Kong Limited and certain funds affiliated with TPG Capital, each of whose consent was required pursuant to Norwegian's existing shareholders' agreement have consented to the transaction. The Transaction Committee, who retained its own financial and legal advisors, has unanimously approved the transaction. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2014.
Norwegian will finance the acquisition with existing cash, new and existing debt facilities and the issuance of approximately century 21 apartment rentals in connecticut 20.3 million shares of its common stock. Pursuant to the requirements of NASDAQ Rule 5635, holders of a majority of Norwegian's common stock have consented to the issuance of such shares.
Barclays is acting as lead financial advisor to Norwegian, Deloitte Consulting, LLP is acting as diligence advisor and Weil, Gotshal & Manges LLP is providing legal counsel. UBS Investment Bank is acting as financial advisor to Prestige and Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel. century 21 apartment rentals in connecticut Perella Weinberg Partners is acting as financial century 21 apartment rentals in connecticut advisor to the Transaction Committee of the Norwegian Board of Directors and Cravath, Swaine & Moore LLP is providing legal counsel. J.P. Morgan Securities LLC and Deutsche Bank are also serving as financial advisors to Norwegian. Barclays, J.P. Morgan Securities LLC and Deutsche Bank have provided committed financing to Norwegian to support the acquisition.
Norwegian will host a conference call today, September 2, 2014 at 8:30 a.m. ET to discuss the transaction. A link to the live webcast along with a presentation can be found on Norwegian's Investor Relations website at www.investor.ncl.com. A replay of the conference call will also be available on the website for 30 days after the call.
Norwegian Cruise Line is the innovator in cruise travel with a 47-year history of breaking the boundaries of traditional cruising, century 21 apartment rentals in connecticut most notably with the introduction of Freestyle Cruising which revolutionized the industry by giving guests more freedom and flexibility. Today, Norwegian invites guests to "Cruise Like a Norwegian" on one of 13 purpose-built Freestyle Cruising ships, providing guests the opportunity to enjoy a relaxed, resort style cruise vacation on some of the newest and most contemporary ships at sea. Recently, the line was named " "Europe's Leading Cruise Line" for the seventh consecutive year, as well as "Caribbean's Leading Cruise Line" and "World's Leading Large Ship Cruise Line" by the World Travel Awards.
Norwegian century 21 apartment rentals in connecticut recently took delivery of its most innovative ship to date, the 4,000-passenger Norwegian Getaway in the first quarter 2014. The largest ship to homeport year-round century 21 apartment rentals in connecticut in Miami , Norwegian Getaway boasts 28 dining options, century 21 apartment rentals in connecticut including seafood restaurant Ocean Blue by famed New York Iron Chef Geoffrey Zakarian and a branch of Carlo's Bake Shop by Buddy Valastro, star of the TLC series "Cake Boss." The entertainment lineup includes Broadway shows Legally Blonde and Burn the Floor and a unique magical theatrical experience, the Illusionarium. Norwegian Getaway's sister ship, Norwegian Breakaway , was named "Best New Ship of 2013" by the editors of Cruise Critic and "Best Rookie Cruise Ship" by the readers of Travel Weekly. Known as New York's ship , Norwegian Breakaway is the largest vessel to homeport year-round in the city. Norwegian century 21 apartment rentals in connecticut currently has four vessels on order at Meyer Werft for delivery in fall 2015, spring 2017, spring 2018 and fall 2019.
Norwegian Cruise Line is the official cruise line of the Miami Dolphins/Sun Life Stadium, The New York Knicks, Blue Man Group and Legends in Concert; and the official cruise line partner of The GRAMMY Awards and is an official partner of the Rockettes and Radio City Music Hall.
High resolution, century 21 apartment rentals in connecticut downloadable images are available at www.ncl.com/pressroom . For further information on Norwegian Cruise Line, visit www.ncl.com , follow century 21 apartment rentals in connecticut us on Facebook , Twitter , and Instagram @Norwegiancruiseline, Pin us on Pinterest , watch us on YouTube, or contact us in the U.S. and Canada century 21 apartment rentals in connecticut at 888-NCL-CRUISE (625-2784), or visit www.ncl.com.
Prestige Cruises International, Inc. is the parent company of Oceania Cruises and Regent Seven Seas Cruises. Formed in 2007 to manage century 21 apartment rentals in connecticut select assets in Apollo Management's cruise investment portfolio, Prestige is led by Chairman and CEO Frank Del Rio, the founder of Oceania Cruises. Prestige is the market leader in the upper-premium century 21 apartment rentals in connecticut and luxury segments of the cruise industry with nearly 6,500 berths between the Oceania Cruises and Regent Seven Seas Cruises brands.
This release may contain "forward-looking century 21 apartment rentals in connecticut statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. The words "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," century 21 apartment rentals in connecticut "may," "forecast," "estimate," "intend," "future," and similar expressions may identify forward-looking statements, century 21 apartment rentals in connecticut which are not historical in nature. These forward-looking statements century 21 apartment rentals in connecticut reflect Norwegian's century 21 apartment rentals in connecticut current expectations, and are subject to a number of risks, uncertainties, and assumptions. Among the important risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the parties' ability to consummate the proposed transaction on the expected timetable or at all, the ability to obtain requisite regulatory approval without conditions, the satisfaction of the conditions to the consummation of the proposed transaction, the potential impact of the announcement or consummation of the proposed transaction on relationships, including with employee, customers and suppliers century 21 apartment rentals in connecticut and any related impact on integration and anticipated synergies, the adverse impact of general economic conditions and related factors such as high levels of unemployment and underemployment, fuel price increases, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income century 21 apartment rentals in connecticut of consumers century 21 apartment rentals in connecticut or consumer confidence; changes in cruise capacity, as well as capacity changes in the overall vacation industry; intense competition from other cruise companies as well as non-cruise vacation alternatives which could affect our ability to compete effectively; negative publicity surrounding the cruise industry; changes in fuel prices and/or other cruise operating costs; the risks