Norwegian Cruise Line Holdings has completed the acquisition of Prestige Cruises International.

Norwegian’s plan to purchase Prestige, which operates Regent Seven Seas Cruises and Oceania Cruises, was revealed in September but the deal has now been completed, growing the capacity of the world’s third-largest cruise operator to almost 20%.

The deal was done in cash and stock for a total transaction consideration of $3.025 billion, including the assumption of debt.

Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line Holdings, said: “While for years we have competed successfully with our one brand in an increasingly consolidated industry, our acquisition of Prestige creates a new cruise operator with a range of complementary offerings as diversified as any in the industry. 

“We now shift our focus from planning for the successful integration of these organisations to the implementation phase, with an organisational structure that allows for the realisation of significant synergies while maintaining the integrity of the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands that have made each a success in their respective segment.”

Frank Del Rio, chief executive officer of Prestige Cruise Holdings, added: “We’re excited to officially join the Norwegian family and ready to begin this next chapter as one united company. 

“Together, we will further our brands’ position as leaders in the upper-premium and luxury cruise markets by continuing to deliver an exceptional onboard experience for our guests, and expand the reach of both Oceania Cruises and Regent Seven Seas Cruises throughout the world.”