OTPP partners in acquisition of stake in Asia's Dream Cruises

Genting Hong Kong Ltd (GHK) has agreed to sell a 35 percent interest in Dream Cruises, an Asian luxury cruise line, to TPG Capital Asia, TPG Growth and Ontario Teachers’ Pension Plan (OTPP). The deal has a total consideration of US$489 million. It values Dream Cruises at about US$1.4 billion, not including debt. The purchase will be made in two tranches, the first of an at least 24.5 percent stake expected in September and the second expected in December. GHK, a Hong Kong-based leisure, entertainment and hospitality business, said the transaction's proceeds will support the completion of two Dream Cruises ships.

DealsCanadaNorth AmericaBriefs