Genting Hong Kong (GHK), cruise operator, agreed to sell a 35% of its interests in its cruise Brand, Dream Cruises. The cruise operator noted that the transaction would result to a USD 470 million gains, while in the meantime increase the net asset value of GHK shares by USD 5.5 cents.
Accordingly the transaction has been divided in two parts; The first guaranteed tranche of at least 24.5% for USD 342 million expected in September, and a second tranche of up to 35% in total expected by December of 2019.
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Specifically, deal was inked between TPG Capital Asia, TPG Growth and Ontario Teachers’ Pension Plan (Ontario Teachers’) that would all get a consideration of USD 489 million placing the value of Dream Cruises at USD 1,397 million.
According to the operator, this deal will boost the company, as it will launch two Global Class ships for dream cruises, from which the first one will be delivered in early 2021 and the second in early 2022.
Tan Sri KT Lim, Chairman and CEO of GHK commented
The investment by TPG and Ontario Teachers’ will help Dream Cruises to have the youngest and technologically most advanced fleet of quality German-built cruise ships with legendary Asian service.
The investment is set to close and be official later in 2019, following customary closing conditions and regulatory approvals.
In the meantime, back in 2018, Dream Cruises built a large-scale replica out of LEGO, which entered into the Guinness World Records.
