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Genting Hong Kong vendra 35 % des Dream Cruises à TPG Capital Asia, TPG Growth et Ontario Teachers’

Sale will Strengthen Genting Hong Kong as it Embarks on Completing two “Global Class” ships for Dream Cruises, the first of which will be delivered in early 2021 and the second in early 2022

Hong Kong, August 6, 2019 - Genting Hong Kong (GHK) today announced an agreement for TPG Capital Asia, TPG Growth and Ontario Teachers’ Pension Plan (Ontario Teachers’) to acquire up to a 35% equity interest in Dream Cruises, one of the leading cruise brands owned by GHK. 

The consideration for the 35% equity interest is US$489 million, valuing Dream Cruises total equity at US$1,397 million.  With assumption of net debt of US$1,871 million, the enterprise value of the transaction is US$3,268 million. The transaction will result in a gain of approximately US$470 million, which will increase the net asset value of each GHK shares by US 5.5 cents or HK 43 cents.

The purchase will be made in two tranches, with the first guaranteed tranche of at least 24.5% for US$342 million expected in September, and a second tranche of up to 35% in total expected by December of 2019.  Additional incentive payments will be paid on achievement of certain profitability level of Dream Cruises and delivery of each of the Global Class ships.

"Dream Cruises is the premium brand for the fast growing Asian-sourced cruise passenger, with the vision that they will be able to cruise globally in all regions of the world with Dream Cruises,” said Tan Sri KT Lim, Chairman and CEO of GHK.  “The investment by TPG and Ontario Teachers’ will help Dream Cruises to have the youngest and technologically most advanced fleet of quality German built cruise ships with legendary Asian service.  And we are delighted to partner again with TPG as we did on Norwegian Cruise Line Holdings Ltd. in 2008,” he added.

“Dream Cruises is an iconic and innovative brand with a strong product offering that is well positioned in an attractive industry which will benefit directly from rising Asian wealth and outbound tourism,” said Ganen Sarvananthan, Co-Managing Partner of TPG Capital Asia.  “TPG Capital Asia and TPG Growth are delighted to partner again with Genting HK and Ontario Teachers' in developing an Asian cruise brand, leveraging the years of experience that Genting HK has had in this sector. We look forward to contributing in our own way to this partnership.”

“The investment is a testament of Ontario Teachers’ positive view on longer term growth in Asia and is part of our continued drive to expand our global footprint by strengthening our local presence in Asia.   It is an excellent example of our commitment to work alongside quality partners that are highly experienced in investing and operating in the region,” said Ben Chan, Regional Managing Director, Asia Pacific at Ontario Teachers’.

The investment is expected to close later in 2019, subject to customary closing conditions and regulatory approvals.

Investor Relations & Media Contacts

For investor relations and editorial, please contact:

Ms. Cheah Yoke Sim
Corporate Finance & Investor Relations
Hong Kong SAR     
Tel : (852) 2378 2000    
Fax : (852) 2957 4616   
Email :

About Genting Hong Kong Limited (“Genting Hong Kong”)

Genting Hong Kong is a company that owns and operates three global cruise brands: Dream Cruises, Star Cruises and Crystal Cruises with a fleet of 10 ocean ships and 5 river ships, covering the contemporary, premium and luxury segment of the cruise market.  GHK also have an interest in the Manila Resorts World Casino and Zouk, a lifestyle brand.  Additional information can be found on

About TPG

TPG is a leading global alternative asset firm founded in 1992 with more than $108 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit

About Ontario Teachers'

The Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's largest single-profession pension plan, with C$191.1 billion in net assets (all figures as at Dec. 31, 2018). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.7% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 327,000 active and retired teachers. For more information, visit and follow us on Twitter @OtppInfo.