TPG Capital and the Canada Pension Plan Investment Board have teamed up to make a $500 million investment in MISA Investments Ltd., the parent company of Viking Cruises. Both TPG and CPPIB will make an equal $250 million investment for a combined 17 percent stake. The deal is expected to close in early Q4 2016 pending regulatory approval.

The joint investment will help “accelerate Viking Cruises” growth initiatives and strengthen the company’s balance sheet.” The Viking Cruises company consists of two business lines: Viking River Cruises and Viking Ocean Cruises. Viking Cruises provides travel in 44 countries, currently operating across North America, the United Kingdom, Australia, and will expand to China starting this year. Tor Hagen, CEO of Los Angeles-based Viking Cruises, says the new partnership and “long-term growth equity capital” will help the target to “grow further, particularly in destination-focused ocean cruising.”

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