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Norwegian Cruise Line Holdings, the world’s third largest cruise operator has expanded their portfolio after it completed the acquisition of Prestige Cruises International Inc.

The line paid US$3.025 billion in cash and stocks and also assumed all debt of Prestige Cruises International Inc.

The acquisition means Norwegian Cruise Line Holdings controls 20 per cent of the market.

Prestige was the leader in the upscale cruise segment and was the parent company of Oceania Cruise and Regent Seven Seas Cruises.

And Norwegian Cruise Lines’ portfolio of brans span the different market segments in the industry from contemporary to upper-premium to luxury.

President and CEO of Norwegian Cruise Line Holdings Ltd said the company will now be looking at maintaining the line’s high standards and integrating its new ships.

“While for years we have competed successfully with our one brand in an increasingly consolidated industry, our acquisition of Prestige creates a new cruise operator with a range of complementary offerings as diversified as any in the industry,” he said.

“We now shift our focus from planning for the successful integration of these organisations to the implementation phase with an organisational structure that allows for the realisation of significant synergies while maintaining the integrity of the Norwegian Cruise Line, Oceania Cruise and Regent Seven Seas Cruises brand that have made each a success in their respective segment.”

CEO of Prestige Cruise Holdings said the merger will be beneficial for the line’s guests.

“We’re excited to officially join the Norwegian family and ready to begin this next chapter as one united company. Together, we will further our brands’ position as leaders in the upper-premium and luxury cruise markets by continuing to deliver an exceptional onboard experience for our guests and expand the reach of both Oceania Cruise and Regent Seven Seas Cruises throughout the world.”