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HomeNewsArchivesCARNIVAL READIES VICTORY WHILE IT AND STAR CRUISES JOIN TO PURSUE ACQUISITION...

CARNIVAL READIES VICTORY WHILE IT AND STAR CRUISES JOIN TO PURSUE ACQUISITION OF NCL HOLDING ASA

Starting in August, Carnival Cruise Line’s 2,758-passenger, 102,000-ton Victory, the company’s 15th vessel in "Fun Ship" fleet, will hit the high seas. The Victory, the third Destiny-class vessel, is 893-feet-long and features 13 passenger decks, 18 bars and lounges, and 1,379 staterooms – 62 percent of which offer an ocean view or private balcony.
Carnival Victory is slated to enter service in August on a series of four- and five-day cruises from New York to Canada. In September, the ship sails several special voyages from Newport News, Va.; and Charleston, S.C. Beginning Oct. 15 Carnival Victory will begin sailing seven-day alternating eastern and western Caribbean cruises year-round from Miami.
The ship’s other amenities include a children's activity area and wading pool, a Nautica Spa health club and salon, 9,000-square-foot casino, sports bar, duty-free shopping area and four swimming pools. In addition to two main dining rooms, the ship features a patisserie, two-deck-high poolside restaurant offering casual alternatives for breakfast, lunch and dinner, as well as 24-hour pizza.
In other Carnival news, the company and Star Cruises PLC announced a joint venture agreement to pursue the acquisition of NCL Holding ASA (OSE: NCL). Under the agreement, Carnival will acquire a 40 percent stake in Arrasas Limited, Star's wholly owned subsidiary previously established to acquire NCL. Star will retain a 60 percent ownership of Arrasas.
As a result of the agreement, Carnival's previously announced intention to purchase NCL shares at NOK 40 per share subject to the delivery to Carnival of a controlling interest in NCL by its board of directors is withdrawn. Carnival Corporation's cost to acquire the 40 percent stake in Arrasas will be based on a proportionate total of the costs resulting from Star's mandatory tender offer of NOK 35 per share for NCL. That offer will expire February 10, 2000, as scheduled.
Both parties anticipate that during the NCL extraordinary shareholders meeting scheduled for Feb. 4, 2000, in Oslo, Star will be successful in obtaining the required number of votes to elect its chosen board of directors and, therefore, gain control of the NCL board. Completion of the agreement is conditioned upon receipt of all corporate, regulatory and government approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. No assurances can be given that the foregoing conditions will be satisfied or that the transaction will be finalized. Carnival Corporation is comprised of Carnival Cruise Lines, the world's largest cruise line based on passengers carried, Holland America Line, Windstar Cruises, Cunard Line Limited, which operates the Cunard and Seabourn cruise brands, and interests in Costa Cruises and Airtours plc. Combined, Carnival Corporation's various brands operate 45 ships in the Caribbean, Alaska, Europe and other worldwide destinations. Star Cruises is the "leading cruise line in Asia-Pacific" with a fleet of nine ships operating in Singapore, Malaysia, Thailand, Hong Kong, China, Vietnam, Taiwan, Japan and Korea.

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