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End of an era as Apollo, Genting HK cash out of Norwegian Cruise Line Holdings

Following a just-launched secondary offering of Norwegian Cruise Line Holdings shares, investors Apollo Global Management and Star NCLC Holdings (a subsidiary of Genting Hong Kong) will be cashed out of the company they once controlled.

Offering priced at $51/share

Apollo and Genting HK are selling 18,877,089 NCLH shares at a price of $51 per share. The offering is expected to close on or about Dec. 3.

$85m share buyback by NCLH

Concurrent with the completion, NCLH plans to buy back up to $85m worth of NCLH shares from underwriter Morgan Stanley. The buyback is part of Norwegian’s existing $1bn share repurchase program.

Private equity giant Apollo, which currently holds a 7.1% stake in NCLH, is selling its remaining 15,728,782 shares. Genting HK, the parent of Star Cruises, Dream Cruises and Crystal Cruises, with a 1.4% stake in NCLH, is selling its remaining 3,148,307 shares.

Apollo and Genting HK have been reducing their holdings through a series of secondary offerings since NCLH went public in January 2013.

Shares closed at $51.59, up 63 cents, on Wednesday.

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