Crystal Acquired By Genting Hong Kong, New-Build To Follow
Crystal Cruises’ parent company since its inception in 1988, Nippon Yusen Kabushiki Kaisha (NYK) has entered into an agreement with Genting Hong Kong (GHK), under which the 2 ship luxury cruise line will be acquired by GHK. The acquisition is expected to close in Q2.
The cruise line says that with the support of GHK’s financial strength and expertise in ship design, a new-build project will follow. Crystal’s fleet is currently composed of Crystal Symphony and Crystal Serenity.
“After 25 successful years with NYK, we are excited to have Genting Hong Kong as the new owner of Crystal Cruises,” said Crystal President & COO Edie Rodriguez. “The proposed expansion of our fleet will present our loyal Crystal Society members and new luxury cruise guests with more itinerary options, accommodation choices and exceptional vacation experiences, as we continue to position Crystal as the innovative leader in global luxury cruising.”
Established in 1993, GHK is part of the Genting Group, a global hospitality and leisure company with business in over 20 countries. GHK wholly owns Star Cruises, Asia’s leading cruise line, and is a major shareholder of Norwegian Cruise Line. It is a public company primarily listed on the Hong Kong Stock Exchange.
“Crystal Cruises offers the epitome of luxury cruising and the service standard which all other cruise lines aspire to,” said Tan Sri Lim Kok Thay, Chairman, CEO & Acting President of GHK. “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. This new ship, together with Crystal’s legendary 6 star service, will reinforce Crystal Cruises’ reputation as the world’s leading luxury cruise line for decades to come.”
Under the terms of the agreement, GHK will acquire Crystal Cruises for USD550 million in cash, subject to certain adjustment items to be ascertained after the closing. Crystal Cruises’ 2 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 USD276,000.