NCL receives $1 billion investment – 21 Aug 2007

Private equity firm Apollo Management has invested $1 billion into NCL Corporation, the parent company of Norwegian Cruise Line.

Apollo will now own 50% of NCL, alongside current owner and shareholder, Star Cruises.

The deal will strengthen NCL’s balance sheet as it hopes to continue to expand as one the youngest fleets in the cruise industry.

Apollo is already active in the cruise sector, having invested in Oceania Cruises earlier this year.

NCL Corporation’s president and chief executive Colin Veitch said: “To have an investment on this scale, by one of the top names in the private equity world, is a huge vote of confidence in the NCL we have created since Star Cruises became the owner in 2000.”

Apollo Management partner Steve Martinez said: “We are very excited to be forming this partnership with Star Cruises and the existing management team of NCL. We believe the NCL brand has significant growth potential over many years to come.”

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