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Genting/Star Buys Crystal Cruises for $550 Million.
Genting Hong Kong announced March 3rd, 2015 that it has entered into an agreement to acquire Crystal Cruises Inc. from Nippon Yusen Kabushiki Kaisha of Japan (NYK)

Crystal Cruises currently consist of two ships; Crystal Serenity and Crystal Symphony, a total of 1,992 lower berths. Genting/Star will acquire Crystal Cruises for $550 million in cash, which is subject to certain adjustment items. 

The acquisition is expected to be closed in the second quarter of 2015, according to a news release. This will expand Genting's current cruise portfolio, which includes 28 percent of Miami-based Norwegian Cruise Line Holdings. The parent company, which owns Norwegian Cruise Line, last fall purchased the company that includes premium line Oceania Cruises and luxury line Regent Seven Seas. Genting wholly owns Star Cruises. 

From Gentings' press release: 

"The current management team and crew will continue to lead Crystal Cruises.  Genting will provide financial resources and proven expertise in innovative ship design to build a new ship that will set the highest standard in luxury cruise ships that together with Crystal's six star legendary service will reinforce Crystal's reputation as the world's leading luxury cruise line for decades to come."

 

 

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