The Norwegian Cruise Lines Holdings Ltd (NCLH) said that that the company's three largest investors decided to sell an estimated US$600 million worth of their holdings. The decision came after the run up in share prices after NCLH's initial public offering last January. Affiliates of TPG Capital, Apollo Global Management LLC and Genting Hong Kong Ltd said that they will sell an estimated 20 million shares.
After the sale, the three companies will own a combined 77% of Norwegian Cruise Lines. In January 2008, Apollo and TPG jointly paid US$1 billion for half of Norwegian's equity. Genting owned the cruise line before the Apollo and TPG investment. Based on the terms of the sale, Norwegian Cruise Lines won't receive any proceeds. Barclays and UBS Investment Bank, underwriters for the deal, are given the option to purchase 3 million add-on shares from the sellers.
The world's third-largest cruise operator, Norwegian Cruise Lines, advanced 57% since the company sold 27.1 million worth of shares priced at US$19 each in an initial public offering. The public offering propelled Norwegian's market value of US$6.07 billion. Carnival Corp and Royal Caribbean Ltd head the list of the world's largest cruise operators.
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