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Viking gets $500m equity boost from TPG Capital, CPP Investments

Viking Cruises is getting an additional $500m investment from its existing minority shareholders, TPG Capital and Canada Pension Plan Investment Board (CPP Investments).

Viking Chairman Torstein Hagen expressed appreciation for the infusion.

Opportunity in challenging times

'Over 40 years in the cruise industry have taught me that challenging times such as these are often also times of great innovation and opportunity. This infusion of equity capital will prepare us for future opportunities to continue developing our business,' Hagen said.

'We are excited to deepen our partnership with Tor and the entire Viking team,' said Paul Hackwell, partner at TPG Capital and co-head of consumer investing. 'Viking is truly a special company that continues to set the standard for the industry. We know that Viking's guests are eager to get back to safely exploring the world in comfort, and are confident that the company will continue to deliver a differentiated experience for its guests in the years to come.'

'While the pandemic has posed many challenges, we have strong conviction that Viking's unique global offering in the cruise industry will continue to be sought out by many guests well into the future. CPP Investments, alongside TPG, is looking forward to supporting Viking and its management team as they return to delivering high-quality, comfortable journeys around the world and build long-term value in the business in the time to come,' added Bill MacKenzie, managing director and head of active fundamental equities, CPP Investments.

Follows commitment to installing PCR labs

The additional equity follows Viking's announcement of plans to install full-scale COVID-19 PCR laboratories on each of its ocean ships. The labs will have the capacity for testing all passengers and crew.

More news to come

'This was the first in a series of announcements we have planned in the coming weeks, including our enhanced health and safety program and initiatives that will expand Viking's global reach,' Hagen said.

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