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News > Deals
Carnival takes Costa's helm
August 28, 2000: 10:32 a.m. ET

World's No. 1 cruise ship operator buys remaining 50% Costa Crocier stake
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NEW YORK (CNNfn) - Carnival Corp., the world's No. 1 cruise line operator, purchased the remaining 50 percent stake in Italian ship operator Costa Crocier it did not already own Monday for $525 million cash

The purchase, from Airtours PLC, a British-based travel firm, gives Miami-based Carnival full control of Costa's seven-ship cruise fleet, which serves the Mediterranean, Northern Europe, South America and the Caribbean.

It also reverses a disappointing trend for Carnival, which has seen two separate merger agreements scuttled in the last year, including a $1.1 billion purchase of Norwegian cruise line NCL Holding.

"Costa is the largest and most successful cruise line in Europe and will serve as Carnival's primary platform for expanding our presence in this increasingly important market," Carnival Chairman and CEO Micky Arison said.

graphicAirtours and Carnival originally acquired Costa in 1997. Carnival, which operates the Carnival, Holland America, Windstar and Seabourn cruise lines, also owns a 26 percent stake in Airtours.

Carnival recently warned that rising fuel costs will stymie its earnings growth during the second half of the year, although its full-year earnings still are expected to edge out 1999's results.

Carnival (CCL: Research, Estimates) shares slipped 1/2 to 20-7/8 in early trading Monday. Back to top

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