Norwegian plans to buy luxury cruise operator Prestige in a deal worth about $3 billion

Industries Associated Press

Norwegian Cruise Line is getting into the luxury cruise business by acquiring Prestige Cruises International in a deal worth about $3 billion.

Continue Reading Below

Prestige operates high-end cruise lines Oceania Cruises and Regent Seven Seas Cruises.

Norwegian Cruise Line Holdings Ltd., based in Miami, values the deal at $3.025 billion, when debt is included. Its shares jumped 14 percent before the opening bell Tuesday.

Prestige is owned by the private equity firm Apollo Global management LLC, which also owns a large stake in Norwegian.

The deal is expected to close in the fourth quarter.