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TPG, Apollo to reduce Norwegian Cruise Line stakes

3 Dec 2013

norwegianPrivate equity firms Apollo Global Management and TPG Global are set to sell more shares in Norwegian Cruise Line Holdings via a secondary offering.

The company’s owners including the two firms and Star NCLC will sell 22m shares via the offering and underwriters including UBS and Barclays will have a 30-day option to acquire up to 3.3m shares.

Earlier this year, TPG, Apollo and Genting Hong Kong filed to sell $600m worth of shares. The firms said they would sell 20m shares and retain a 77 per cent stake in the business.

Apollo bought half of Norwegian Cruise Line for $1bn in January 2008 from Genting, the south east Asian gaming company that still controls the other half of the business.

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