Carnival Corporation Invests in Alaska

By ,   June 8, 2018 ,   Cruise Industry

The largest leisure travel company in the world, Carnival Corporation & plc, through Holland America Princess Alaska Tours (its subsidiary) has entered into a purchase & sale agreement to acquire TWC Enterprises Limited's WP&YR (White Pass & Yukon Route) division, including White Pass port, railroad and retail operations in Skagway. The transaction is due to close on July 31, subject to customary closing conditions.

Port of Skagway, Alaska

Image: Port of Skagway (Alaska)

Holland America Princess Alaska Tours executed a MOU (memorandum of understanding), subject to approval, with Ketchikan-based Survey Point Holdings, Inc., and a number of its affiliated companies. The memorandum will create a joint venture making Survey Point Holdings managing partner of White Pass Scenic Railway, the port and associated retail operations which Carnival Corp & plc is acquiring from TWC Enterprises.

As part of the new joint venture, the partners plan to invest in the business, which will enable continued job growth and economic development in Skagway and the region, making a positive impact on local economy and further benefitting Alaska tourism industry. The investments will include support for docking facilities' expansion to accommodate the newest generation of cruisers, a key to the long-term success of the port.

The MOU outlines that P3 Group, Survey Point and Rail Management Services, an affiliate of Survey Point, will own company's majority stake, and Carnival Corp & plc will retain minority position in the enterprise.