Luxury cruise line Crystal Cruises is to be acquired by Genting Hong Kong.

Today Crystal Cruises’ parent company Nippon Yusen Kabushiki Kaisha (NYK) entered into an agreement with Genting Hong Kong (GHK), under which Crystal Cruises will be acquired by GHK.

GHK’s financial strength and expertise in ship design will help the Crystal Cruises’ fleet size will expand with a new cruise ship. Crystal’s fleet currently features Crystal Symphony and Crystal Serenity.

Edie Rodriguez, President and Chief Operating Officer of Crystal Cruises said “After 25 successful years with NYK, we are excited to have Genting Hong Kong as the new owner of Crystal Cruises. The proposed expansion of our fleet will present our loyal Crystal Society members and new luxury cruise guests with more itinerary options, accommodation choices and exceptional vacation experiences, as we continue to position Crystal as the innovative leader in global luxury cruising. Additionally, Crystal’s veteran leadership, management and crew will continue to focus on our award-winning guest service and our strong partnership with the travel agent community – which now has a greater opportunity to grow their business with a larger menu of Crystal product offerings.”

GHK was established in 1993 and is part of the Genting Group, a global hospitality and leisure company with business in over 20 countries. GHK wholly owns Star Cruises, Asia’s leading cruise line, and is a major shareholder of Norwegian Cruise Line. It is a public company primarily listed on the Hong Kong Stock Exchange and secondarily on the Singapore Stock Exchange.

Under the terms of the agreement, GHK will acquire Crystal Cruises for US$550 million (approximately £358 million) in cash which is subject to certain adjustment items to be ascertained after the closing.

The acquisition is expected to be completed in the second quarter of 2015.

(Photo credit to Crystal Cruises)