Genting Hong Kong announced that it has reached a deal to sell a 35 percent stake in Dream Cruises to Canada’s TPG Darting, which is owned by TPG Capital Asia and Growth Funds.

The company said the deal would strengthen its balance sheet as well as its ability to continue to expand its fleet in the cruise industry. 

According to the 2019 Cruise Industry News Annual Report, Dream Cruises has 8,800 berths in service with a market capacity of 528,000 guests.

“The Disposal would also reduce the Group’s financial burden in meeting future funding requirements in relation to Dream Cruises’ business,” the company said. “It is intended that the sale proceeds for the Disposal will be used as general working capital and capital expenditure for the Group in relation to the construction of (the Global-class ships) and/or to fund new investments of the Group should suitable opportunities arise.”

According to a Genting statement, the transaction was valued at $488,645,875. Genting also noted that Dream has a current three-ship fleet, the Genting Dream, World Dream and Explorer Dream. In addition is a contract to build a Global-class ship at MV Werften.

“It also expects to enter into the Global II Shipbuilding Contract in relation to the construction of Global II with MV Werften,” the company said, in a prepared statement.

The agreement also noted options third and fourth Global-class ships.