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Genting HK sells 33% stake in Dream Cruises for $459m

Genting Dream.jpg
Dream Cruises currently operates Genting Dream, pictured here, World Dream and Explorer Dream. Two next-generation Global-class ships are under construction
Genting Hong Kong has sold a 32.56% stake in Dream Cruises for a total consideration of approximately $459m.

The buyer is Darting Investment Holdings, part of TPG Capital Asia and Growth Funds.

Second tranche closing

The second tranche in this two-tranche deal closed Friday. This involved approximately 3.58 common shares in Dream Cruises, or about 0.36% of the issued share capital, for a consideration of just over $5m.

This followed the first tranche of approximately 322 shares, or about 32.2% of Dream Cruises’ issued share capital, for approximately $454m on Oct. 31.

To strengthen balance sheet

Last August, Genting HK had signaled the plan to sell up to 35% of Dream Cruises in order to strengthen its balance sheet and its ability to continue expanding its fleet.

Dream Cruises currently operates sisters World Dream and Genting Dream, along with Explorer Dream (ex SuperStar Virgo), and is building two next-generation 204,000gt Global-class ships for delivery in 2020 and 2021.