On September 2, 2014, Norwegian Cruise Line Holdings Ltd., a leading global cruise operator, announced it has entered into a definitive agreement to acquire Prestige Cruises International, Inc., the market leader in the upscale cruise segment and parent company of Oceania Cruises and Regent Seven Seas Cruises, for total transaction consideration at closing of $3.025 billion, including the assumption of debt, payable in cash and shares of Norwegian. Up to an additional $50 million may be payable post‑closing based on achievement of certain performance metrics.
Cravath represented the Transaction Committee of the Norwegian Board of Directors in connection with this transaction, which is subject to regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2014.
The Cravath team was led by partners Eric L. Schiele and Mark I. Greene and included associates Amanda R. Fenster, Edward J. Reed, Brendan M. Cottington and Jacob B. Ornstein on M&A matters; partner Stephen L. Gordon and associate Andrew Carlon on tax matters; and practice area attorney Nicole F. Foster on executive compensation and benefits matters. Matthew J. Bobby also worked on executive compensation and benefits matters.