MIAMI, Sept. 5 — Carnival Corporation, the world’s largest cruise vacation company, and Orizonia Corporacion, Spain’s largest travel company, today announced that they have finalized the agreements for a previously announced multi-ship cruise brand serving the Spanish market. The transaction is expected to close on Sept. 14, 2007, with Carnival owning 75 percent of the joint venture and Orizonia owning 25 percent. The new joint venture company will be consolidated into Carnival Corporation financial results starting in the fourth quarter 2007 and is expected to be accretive to results in 2008.
To be called Iberocruceros, the new joint venture combines the two vessels of Orizonia’s existing cruise operations with a ship from the Carnival group. In addition to Orizonia’s 1,244-passenger Grand Mistral and 834-passenger Grand Voyager, the 1,486-passenger Celebration from Carnival Cruise Lines’ fleet, will be transferred to the new Iberocruceros company. After an extensive renovation, the Celebration is scheduled to enter service in late spring 2008.
“The new Iberocruceros joint venture will build upon the tremendous brand awareness of Orizonia’s Iberojet operations, one of Spain’s leading vacation companies, while providing a solid platform for expanding in the fast- growing European marketplace,” said Micky Arison, Carnival Corporation & plc’s chairman and CEO.
The three Iberocruceros ships will fly the Italian flag. Itineraries for these vessels will be announced shortly.