| Journal: TWUK | Section: |
| Title: | Issue Date: 15/05/00 |
| Author: | Page Number: 76 |
| Copyright: Other |
P&O Cruises buys Festival in $400m deal
P&O CRUISES has acquired Greek-owned Festival Cruises in a deal worth up to $400m in cash and shares.The final price is partly dependent on Festival’s future results. Travel Weekly revealed that P&O was considering a bid for Festival earlier this year (Travel Weekly March 13).
Under the deal, Festival, which owns four ships, will operate as an independent brand within P&O’s portfolio. P&O already owns P&O Cruises, Princess Cruises and Swan Hellenic.
P&O Cruises managing director Gwyn Hughes said the move was intended to consolidate the company’s position in Europe, following its purchase of a 51% stake in German company Aida Cruises last year.
Festival has a sales presence in most European countries, including Germany, France, Italy, Austria and Spain. Meanwhile, Hughes revealed P&O was considering acquiring a second ship for its Swan Hellenic brand due to demand for its existing vessel, Minerva.
n P&O Cruises has launched its 2001 programme with early-booking deals offering savings of up to 35%.
Prices lead in at £408 for a four-night cruise to France and Guernsey on Arcadia.