Posted at 1:40 p.m., Monday, January 7, 2008
NCL closes on $1 billion investment from Apollo
Advertiser Staff
Apollo Management LP has completed its $1 billion investment in Norwegian Cruise Line and its NCL America unit that operates interisland cruises in Hawai'i.With the Apollo investment, NCL is now in the strongest financial condition we have ever enjoyed in our 41-year history," said NCL Corporation's President and CEO Colin Veitch in a press statement.
"With both Star Cruises and Apollo as dedicated and supportive shareholders, and with a fleet that has just become the youngest in the industry, we will take our vision of innovation to new and exciting levels."
Apollo has become a 50 percent owner of NCL. Star Cruises, NCL's previous sole shareholder, is now a 50 percent owner. Apollo will name a majority of the NCL board of directors with certain consent rights retained by Star.
