TPG, Apollo and Genting Hong Kong Continue to Sell Norwegian Shares

By ,   August 17, 2017 ,   Cruise Industry

Apollo Global Management, LLC, Genting Hong Kong owned Star NCLC Holdings Ltd and funds affiliated with TPG Global, LLC are selling 15 million shares in the world’s 3rd largest cruise shipping company, Norwegian Cruise Line Holdings.

The shares will be sold to a group of underwriters: Barclays Capital Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC for US$54.57 per share, valuing the lot at US$818.5 million.

Until 2015, Genting Hong Kong was sole and later principal shareholder of Norwegian Cruise Line Holdings until it began to sell down its stake in order to purchase Crystal Cruises and expand the company, grow Star Cruises business in Asia and set up Asia-Pacific focused Dream Cruises premium market line.

Earlier in August, GHK said it expects to a make a loss of around US$200 million to US$220 million in 2017 because of start up costs and capital expenditure connected with the growth of its business.