Expansion of expedition cruise ship fleet

Capitol Acquisition and Lindblad Expeditions have just announced they will merge in a deal valued at about US$439 million. The combined company plans to be listed on the NASDAQ New York stock exchange and will be renamed Lindblad Expeditions Holdings after completion of the merger. Up to US$110 million of cash raised will be obtainable to finance the expansion of the cruise ship fleet. Delivery of the new ships is currently planned for 2017 and 2018 and a shipyard contract is expected follow comparatively soon after the transaction closes, which should happen by May, the two companies said in a statement. No yard has yet been named for the work. Lindblad Expeditions will keep its long-established partnership with U.S. publishing group National Geographic, which has been renewed through to 2025. New York-based Lindblad at present owns six of its ships and operates an extra four vessels on charter agreements. Capitol Acquisition Corporation was formed especially to act as a vehicle for the merger.