Nippon Yusen Kabushiki Kaisha (NYK), Crystal Cruises’ parent company since its inception in 1988, announced on 3rd March that it has entered into a $350 million agreement with Genting Hong Kong (GHK), under which Crystal Cruises will be acquired by GHK. The acquisition is expected to close in the second quarter of 2015.

With the support of GHK’s financial strength and expertise in ship design, Crystal Cruises’ fleet size will expand with a new ship, elevating the standard of luxury cruising and luxury cruise ships. Crystal’s fleet currently features the 51,055gt/1995 built Crystal Symphony and 68,870gt/2003 built Crystal Serenity. Established in 1993, GHK is part of the Genting Group, a global hospitality and leisure company with business in over 20 countries, including the United States in New York, Florida and Nevada.

GHK wholly owns Star Cruises, Asia’s leading cruise line, and is a major shareholder of Norwegian Cruise Line. On 9th March it was announced that Genting is to sell a 2.7% stake in Norwegian Cruise Line Holdings to gain $320.8 million.