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After NCLH share sale, Genting HK will drop to second largest holder after Apollo

Genting HK and TPG to sell 12.5m NCLH shares

Genting Hong Kong and TPG Viking Funds, two of Norwegian Cruise Line Holdings' major shareholders, plan to sell a combined 12.5m ordinary NCLH shares in a secondary offering.

Genting HK is currently NCLH's largest shareholder, with a 25% stake. Following the sale, its holdings would go to 22.1%. So Apollo, with a 24% share, will become NCLH's principal shareholder.

TPG Viking Funds' stake, meanwhile, would go to 4.3% from 7%.

UBS Securities is acting as the sole underwriter for the offering. According to a filing, UBS proposes to offer the shares from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at prevailing market prices, at prices related to prevailing market prices or at negotiated prices.

Genting HK and TPG Viking are each offering 6.25m shares.

Based on 228,528,661 ordinary shares outstanding, following the completion of this offering, Genting HK, Apollo and TPG Viking will together hold approximately 50.3% of NCLH outstanding shares.

NCLH will not receive any proceeds from the sale.

NCLH dropped to $50.82 in after-hours trading Thursday after closing at $51.32.

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