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Global cruise operator Norwegian Cruise has completed the acquisition of Prestige Cruises International in a $3.02bn deal.

This deal was announced in September and has been financed with existing cash and debt facilities, and the issuance of around 20.3 million shares of Norwegian Cruise’s common stock.

Norwegian Cruise Line CEO Kevin Sheehan 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.

"As a result of this acquisition, Norwegian Cruise Line’s cruise fleet will range from contemporary to upper-premium to luxury." 

"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."

The transaction of $3.02bn includes the assumption of debt and a contingent cash consideration of up to $50m to Prestige shareholders, which would be payable upon reaching certain performance metrics for 2015.

The parent company of Oceania Cruises and Regent Seven Seas Cruises, Prestige Cruises, has eight ships and around 6,500 berths.

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As a result of this acquisition, Norwegian Cruise Line’s cruise fleet, which spans all market segments in the cruise industry, will range from contemporary to upper-premium to luxury.

Image: Norwegian Cruise recorded revenue of $2.57bn in 2013. Photo: courtesy of Dickelbers.