Genting Hong Kong Ltd, an operator of casino cruise ships and a joint venture casino operator in the Philippines, on Tuesday said it has completed the acquisition of a German shipbuilding firm for a total consideration of EUR17.5 million (US$18.6 million).
The Hong Kong-listed company acquired 70 percent of German shipyard owner Lloyd Werft Bremerhaven AG and 50 percent of Lloyd Investitions-und Verwaltungs GmbH, another German firm that provides letting and leasing services for real estate and operating facilities. The sellers are German firms Petram Beteiligungs GmbH, Ehlerding Beteiligungs GmbH and BLG Logistics Group AG and Co.
Genting Hong Kong said in a filing in September that the investment in the German companies would facilitate its fleet expansion and brand development plan.
“The transaction will enable the company to leverage on the technical know-how and expertise of a reputable shipyard with a well-established and long track record in the shipbuilding industry, thus allowing the company to expedite its business plans through timely and priority access to new building slots at competitive pricing,” said Genting Hong Kong.
The company in March agreed to acquire U.S.-based Crystal Cruises and its subsidiaries for a total consideration of US$550 million. Genting Hong Kong – part of Malaysian conglomerate Genting Bhd – owns and operates Star Cruises and is a major shareholder in Norwegian Cruise Line. The firm is also a substantial shareholder in Philippines-based Travellers International Hotel Group Inc, owner and operator of the Resorts World Manila casino property.
Pursuant to the latest deal, Genting Hong Kong or its affiliates are required to place ship building orders with Lloyd Werft for at least an aggregate value of EUR550 million by June 30, 2016, according to Tuesday’s filing.
In July, Genting Hong Kong signed a letter of intent to build new cruise ships at Lloyd Werft. Crystal Cruises also has plans to build new luxury river ships at the German shipyard.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia