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Oceania Cruises, a three-ship upscale cruise line, is being sold to Apollo Management, L.P., the New York-based private equity fund, for a total of $850 million in a transaction expected to be completed in the spring.

Oceania, which was founded four years ago and sails three of the former Renaissance R-ships, will continue to be run by the management team of chairman and ceo Frank Del Rio and president Bob Binder.

Oceania's 684-passenger ships, Regatta, Insignia and Nautica, will sail during 2007 to more than 170 ports in Europe, China and the Far East, Australia, New Zealand, South America, Central America and the Caribbean.

‘Frank Del Rio has built a world-class cruise company in just a few short years, and we are delighted to have the opportunity to forge this strategic partnership with him and the highly talented management team at Oceania Cruises," said Steve Martinez, a partner with Apollo Management.

"With the tremendous financial resources of Apollo available to us, Oceania Cruises will continue to prosper, further strengthen our upper-premium brand positioning, enhance our award-winning onboard product, and be better positioned for additional growth,” stated Del Rio.

Apollo’s previous investments have included such brands such as Wyndham International, Saks Incorporated, Vail Resorts, Sirius Satellite Radio, and RockResorts.