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Apollo eyes $3bn sale of Prestige Cruises to fellow portfolio company Norwegian Cruise

1 Sep 2014

Prestige CruisesApollo Global Management is reportedly poised to sell Prestige Cruises to industry peer Norwegian Cruise, in which it also own a significant stake.

Norwegian Cruise is in advanced talks to buy Prestige for about $3bn according to Reuters, which cited people familiar with the matter.

It said Norwegian already has a market cap of about $6.8bn. Apollo holds a 20 per cent stake in the business having bought into it through an $850m deal in 2007.

In January this year Prestige filed to raise up to $250m via an IPO, butdid not say how many shares it was looking to offer and at what price.

The company currently operates eight cruise ships and had revenues of about $1.2bn last year.

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