“The acquisition of Prestige represents an extraordinary opportunity for Norwegian Cruise Line to expand our market presence by adding two established, award-winning brands in the upscale cruise segment with loyal followings,” Kevin Sheehan, CEO of Norwegian Cruise Line, said in a statement Monday.

Prestige operates eight ships and about 6,500 berths under the Oceania Cruises and Regent Seven Seas Cruises brands, both of which operate in the upper premium and luxury cruise markets. The company is owned by Apollo Global Management, a private equity firm which also owns about 20% of Norwegian.

The deal is expected to immediately enhance the company’s financial performance, as well as open up to new opportunities for cross-business support and joint partnerships that will add to improved per share earnings, Sheehan said.

Norwegian will finance the purchase with a combination of cash, debt and a common stock issue of about 20.3 million shares. Prestige shareholders will also receive up to $50 million based on meeting specified performance metrics.