Apollo Management Buys Oceania Cruises
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Oceania Cruises, Inc. and Apollo Management L.P. (“Apolloâ€) announced today that Apollo has forged a strategic partnership with Oceania Cruises. The transaction, valued at approximately $850 million dollars including the assumption of debt, is expected to be completed in the second quarter and is subject to normal conditions for a transaction of this type, including regulatory approval. Lehman Brothers Inc. and UBS Securities acted as financial advisors to Oceania Cruises on the transaction.
Oceania Cruises will remain a wholly independent brand, operating with the support of Apollo’s $12 billion private equity fund. Oceania Cruises’ founding management team, including Chairman and CEO Frank Del Rio, along with a syndicate of the line’s founding investors, remain stake holders in the new venture and are committed to the line’s continued growth and success.
Apollo is a New York-based private private equity fund that has invested more than $16bn into brands that have included Wyndham International, Saks Inc., Vail Resorts, Miraval, Sirius Satellite Radio and RockResorts, among others. Investments into Harrah’s Entertainment and Sotheby’s International Realty are pending.
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