Genting HK to buy luxury cruise line for US$550m (Amended)

GENTING Hong Kong plans to acquire luxury cruise line Crystal Cruises from Japanese shipping firm Nippon Yusen Kaisha (NYK) for US$550 million in a bid to expand its cruise business worldwide.

Crystal Cruises is a global luxury cruise line operator and operates the Cruise Vessels under the Bareboat Charters.

"The acquisition will enable the group to take advantage of the growing global demand in the luxury brand market and maximise its revenue and profitability potential through the proposed addition of a third new vessel for the Crystal Cruise brand," said the firm in an announcement.

Following the completion of a restructuring exercise, Crystal Cruises will become Genting Hong Kong's indirect wholly owned subsidiary and will indirectly own the Cruise Vessels while the Bareboat Charters will be terminated.

The story above is the correct version.

An earlier version of this article stated that Genting Hong Kong plans to acquire Crystal Cruises for US$500 million. The above article has been amended to reflect the changes.