Carnival Corporation & plc, the world’s largest cruise shipping group,has through its subsidiary, Holland America Princess Alaska Tours, entered into a purchase and sale agreement to acquire TWC Enterprises Limited’s White Pass & Yukon Route (WP&YR) division, which includes White Pass’ port, railroad and retail operations in Skagway, Alaska. The transaction is scheduled to close on July 31, 2018 subject to customary closing conditions, Carnival said ion a statement.

The price was not disclosed.

In addition to the acquisition, Holland America Princess Alaska Tours also executed a memorandum of understanding (MOU), subject to review and approval, with Survey Point Holdings, Inc., an Alaskan company based in Ketchikan, and one of its affiliated companies. This MOU will create a joint venture making Survey Point the managing partner of the port, White Pass Scenic Railway and the associated retail operations that Carnival Corporation & plc is acquiring from TWC Enterprises.

As part of the new MOU and joint venture, the partners plan to make investments in the business, which will enable continued economic development and job growth in Skagway and the surrounding region, making a positive impact on the local economy and further benefitting the Alaska tourism industry. These investments will include support for expansion of docking facilities to accommodate the newest generation of cruise ships, a key to the port’s long-term success.