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How the ownership stakes shake out after Norwegian acquires Prestige

How the ownership stakes shake out after Norwegian acquires Prestige
After Norwegian Cruise Line completes the acquisition of Prestige Cruises International, Apollo Management and Genting Hong Kong will hold equal 25% stakes in the expanded company and TPG Viking will own 7%.

Apollo currently holds a 20% stake in Norwegian, while Genting HK has 28% and TPG Viking 7.9%. Apollo now owns 59% of Prestige Cruises.

No immediate changes to the Norwegian board are expected, a spokeswoman told Seatrade Insider.

Apollo controls the 11-member board, which is chaired by Genting Group chief Tan Sri KT Lim. David Chua remains on the board although he resigned the presidency of Genting Hong Kong in July, effective Jan. 2, 2015, and has gone on leave; Lim currently serves as acting president.

Apollo-related directors include David Abrams, founder and partner, non-performing loans for Apollo Management; Adam Aron, head of World Leisure Partners, a tourism and real estate consultancy that acts in partnership with Apollo Management; Kevin Crowe, a principal of Apollo Management; Steve Martinez, head of Asia Pacific and senior partner, private equity, at Apollo Management; and Robert Seminara, a senior partner at Apollo.

Director Karl Petersen is a partner at TPG Capital.

Other directors include John Chidsey, executive chairman of Red Book Connect; F. Robert Salerno, former Avis vice chairman; and Walter Revell, chairman and ceo of Revell Investments International, based in Coral Gables, Fla.

Aron, Crowe and Martinez also currently serve as directors of Prestige Cruises, along with Apollo partner Eric Press. The Prestige board is chaired by Frank Del Rio and other directors are Russell Galbut, managing director of Crescent Heights, a residential developer, and Daniel Holtz, managing principal of Walden Capital Management.

Norwegian's acquisition of Prestige, the holding company for Oceania Cruises and Regent Seven Seas Cruises, is expected to close in the fourth quarter.