Genting to Acquire Crystal Cruises in $550 Million Deal

Nippon Yusen Kabushiki Kaisha, parent company of Crystal Cruises’ since its inception in 1988, has announced it has entered into an agreement with Genting Hong Kong to sell the organization. The acquisition is expected to close in the second quarter of 2015.

With the support of GHK’s financial strength and expertise in ship design, Crystal Cruises’ fleet size will expand with a new ship, elevating the standard of luxury cruising and luxury cruise ships. Crystal’s fleet currently features Crystal Symphony and Crystal Serenity.

Established in 1993, GHK is part of the Genting Group, a global hospitality and leisure company with businesses in over 20 countries, including the United States in New York, Florida and Nevada.

GHK wholly owns Star Cruises and is a major shareholder of Norwegian Cruise Line. It is a public company primarily listed on the Hong Kong Stock Exchange and secondarily on the Singapore Stock Exchange.

Under the terms of the agreement, GHK will acquire Crystal Cruises for US$550 million in cash which is subject to certain adjustment items to be ascertained after the closing.

Crystal Cruises’ two ships have approximately 1,992 lower berths and the consideration has been determined on a cash-free and debt-free basis, translating into an enterprise value to lower berth ratio of approximately US$276,000.