Norwegian Cruise Line Corporate Overview
NORWEGIAN CRUISE LINE CORPORATE OVERVIEW Norwegian Cruise Line is the innovator in cruise travel with a 44-year history of breaking the boundaries of traditional cruising, most notably with the introduction of Freestyle Cruising which has revolutionized the industry by allowing guests more freedom and flexibility. Today, Norwegian has 11 purpose-built Freestyle Cruising ships providing guests the opportunity to enjoy a relaxed cruise vacation on some of the newest and most contemporary ships at sea. In 2010, the Company reached an agreement with MEYER WERFT GMBH of Germany to build two new next generation Freestyle Cruising ships for delivery in spring 2013 and spring 2014, respectively. Each of the 143,500 gross ton vessels, the largest passenger/cruise ships to be built in Germany, will have approximately 4,000 passenger berths and a rich cabin mix. In February 2000, Norwegian was acquired by Genting Hong Kong Limited formerly Star Cruises Ltd (SES: STRC), a Hong Kong stock exchange listed company, and part of Malaysia's Genting Group. Following the acquisition of Norwegian, Star Cruises became the third largest cruise line in the world. While under 100 percent ownership by Star, the company embarked on an expansion program that involved new ships, on-board product enhancements and innovative itineraries. In August 2007, private equity group, Apollo Management, LP, agreed to make a $1 billion cash equity investment in Norwegian. Under the terms of the investment which closed on January 7, 2008, Apollo became a 50 percent owner of Norwegian and has named a majority of the company’s board with certain consent rights retained by Genting.
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