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Apollo, Genting Hong Kong and TPG continue to sell shares in Norwegian

Apollo Global Management, LLC, the Genting Hong Kong owned Star NCLC Holdings Ltd. and certain funds affiliated with TPG Global, LLC intend to sell 15 million shares in Norwegian Cruise Line Holdings lts, the world’s third largest cruise shipping company.

The shares would be sold to a group of underwriters comprising of Citigroup Global Markets Inc., Barclays Capital Inc. and Goldman Sachs & Co. LLC at a price of $54.57 per share, valuing the lot at $818.5 million.

Genting Hong Kong was the sole and later principal shareholder of Norwegian until it started to sell down its stake in order to buy Crystal Cruises and to expand the company, grow its Star Cruise business in Asia and set up the Asia-Pacific focused Dream Cruise premium market cruise line in 2015.

Earlier this month, Genting Hong Kong said it expects to a make a loss of about $200 million to $220 million this year due to start up costs and capital expenditure related to the growth of its business.

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