Fijian Holdings Limited has today acquired South Seas Cruises Limited for $62.57 million.
South Seas Cruises is the country’s largest marine tourism operator which operates out of Port Denarau providing resort transfers for tourists out of Denarau to the Mamanucas and Yasawas.
The acquisition was completed in three major transactions which included the divestment of 100 percent of Blue Lagoon Cruises Limited to South Sea Cruises valued at $12.57 million and the acquisition of 100 percent of South Seas Cruises from Marine Tourism Holdings at $62.57 million.
It will now become a fully owned subsidiary of FHL.
According to FHL acting group chief executive officer Nouzab Fareed, this investment is one of the largest acquisitions after RB Patel Group which is expected to increase their assets by $50 million, group revenue by $35 million and group earnings by $5 million.
Fareed said the acquisition will provide the FHL Group opportunities to access further growth and business development.
$10 million was paid to South Seas Cruises today, another $20 million will be paid within the next 60 days while the remaining amount will be paid within a period of seven years.
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