First Choice Sells Ships, Completes INTRAV Buy
Thursday, January 19, 2006
First Choice Holidays PLC has sold two coastal cruising ships to Cruise West, a US family owned small-ship cruise line for $16.7 million. The two ships were amongst the four cruise ships acquired as part of First Choice's purchase of US-based leisure travel group INTRAV, the acquisition of which the company has completed.
The net consideration for the purchase of INTRAV, including the sale of the two ships, is $46.8 million.
The two ships that First Choice is retaining have a market value of almost $30 million and generated revenues of $24.3 million in the 12 months to December 31.