NCL Closes Apollo Deal

NCL Corp. on Monday closed on the $1 billion investment by private equity group Apollo Management, which will drive expansion of the brand, NCL said. NCL already has announced two new initiatives--Freestyle 2.0 and Partnership 2.0--that seek to enhance NCL's product by reaching out to consumers and travel agents.

"With the Apollo investment, NCL is now in the strongest financial condition we have ever enjoyed in our 41-year history," said Colin Veitch, NCL Corp.'s president and CEO. "With both Star Cruises and Apollo as dedicated and supportive shareholders, and with a fleet that had just become the youngest in the industry, we will take our vision of innovation to new and exciting levels."

Beginning in 2009, NCL will take delivery of its F3 series of ships, which will be much larger than NCL's current vessels. (DE)