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Apollo Management, which during 2007 purchased Oceania Cruises and agreed to buy Regent Seven Seas Cruises, completed another major investment in cruise ship companies on Jan. 7th, closing on a $1 billion deal that makes it 50 percent owner of NCL Corp.

The $1 billion cash equity investment not only makes it half-owner of Norwegian Cruise Line and NCL America along with previous owner Star Cruises, but gives Apollo the right to name a majority of the NCL board of directors.

"With the Apollo investment, NCL is now in the strongest financial condition we have ever enjoyed in our 41-year history," said NCL President and CEO Colin Veitch.

"With both Star Cruises and Apollo as dedicated and supportive shareholders, and with a fleet that has just become the youngest in the industry, we will take our vision of innovation to new and exciting levels," Veitch added.

In addition to its current fleet, NCL is building two new Freestyle Cruising ships for delivery in 2009 and 2010 that are virtually the same size as the largest cruise ships currently afloat, Royal Caribbean's Freedom of the Seas and Liberty of the Seas.

"We welcome Apollo as we embark on the next phase of growth in NCL's history," said Star Cruises Chairman Tan Sri KT Lim. "We are extremely proud of what we have achieved to date with NCL, but we are even more optimistic about what the future holds for the company now that Apollo has joined us.