Star Cruises

Apollo Management L.P.'s $1 billion investment in NCL Corp., the parent company of Norwegian Cruise Line and NCL America, has closed.

"With the Apollo investment, NCL is now in the strongest financial condition we have ever enjoyed in our 41-year history," NCL President and Chief Executive Officer Colin Veitch said in a news release. "With both Star Cruises and Apollo as dedicated and supportive shareholders, and with a fleet that has just become the youngest in the industry, we will take our vision of innovation to new and exciting levels."

Apollo is now 50 percent owner of the Miami-based cruise company and will name the majority of the NCL board. Star Cruises, formerly the sole owner of NCL, will retain certain consent rights.

NCL also said it has added two executives -- one to the position of executive vice president and chief financial officer and one who will spearhead a new strategic planning and business development initiative.