MIAMI -- Carnival Corp. said it plans to acquire 100% of Costa
Crociere, doubling the 50% stake it has held since 1997, when
Carnival and the U.K.'s Airtours purchased the Italian line.
Carnival said it signed an agreement to buy out Airtours' 50%
interest in Costa for approximately $525 million in cash, subject
to European regulatory approvals and that of Airtours' board.
Carnival will retain a 26% interest in Airtours, a stake it
acquired in 1996.
Carnival chairman Micky Arison called the newest investment in
Costa, which is the largest Europe-based cruise line, "a very
important move in the continued development of Carnival's European
business."
Noting that the seven-ship Costa line is the "most successful
cruise operator in Europe," Arison added that Costa "will serve as
Carnival's primary platform for expanding our presence in this
increasingly important market."
Arison also said that Carnival "will further explore and
optimize marketing and operating synergies with Costa."
Costa, which markets primarily in Italy, France, Germany and the
U.K., originates only about 20% of its total passenger counts from
North America.
This winter the line will base two of its ships in North
America, sailing from Florida's Port Everglades: the newly launched
CostaAtlantica and the Costa-Victoria.
In still another planned initiative with Costa, Carnival plans
to move more quickly to expand Costa's new-building program, to
take advantage of the fast-growing European market, Arison
said.
He noted, for example, that Carnival just ordered an 86,000-ton
Costa vessel, for delivery in 2003, following the delivery of the
86,000-ton Costa-Atlantica in July.
According to Costa chairman Luigi Foschi, the 2,112-berth
Atlantica, which became Costa's largest liner with a capacity of
2,680 passengers, "has been met with overwhelming response from
guests, travel agents and journalists.
Costa said that the unnamed second vessel in the new class will
be slightly larger than the Atlantica, with 2,154 lower berths.