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Carnival Corporation & plc acquires port, railroad and retail operations in Alaska

Alaska

Holland America Princess Alaska Tours, a subsidiary of the world’s largest leisure travel company, agrees to purchase TWC Enterprises Limited’s White Pass & Yukon Route division in Skagway, Alaska.

MIAMI – Carnival Corporation & plc, through its subsidiary, Holland America Princess Alaska Tours, announced it has entered into a purchase and sale agreement to acquire TWC Enterprises Limited's White Pass & Yukon Route (WP&YR) division, which includes White Pass' port, railroad and retail operations in Skagway, Alaska. The transaction is scheduled to close on July 31, 2018 subject to customary closing conditions.

In addition to the acquisition, Holland America Princess Alaska Tours also executed a memorandum of understanding (MOU), subject to review and approval, with Survey Point Holdings, Inc., an Alaskan company based in Ketchikan, and several of its affiliated companies. This MOU will create a joint venture making Survey Point the managing partner of the port, White Pass Scenic Railway and the associated retail operations that Carnival Corporation & plc is acquiring from TWC Enterprises.

As part of the new MOU and joint venture, the partners plan to make investments in the business, which will enable continued economic development and job growth in Skagway and the surrounding region, making a positive impact on the local economy and further benefitting the Alaska tourism industry. These investments will include support for expansion of docking facilities to accommodate the newest generation of cruise ships, a key to the port's long-term success.

Under the agreement, Survey Point will continue managing WP&YR's day-to-day terminal operations and customer relations. Survey Point and its subsidiaries, Cruise Line Agencies of Alaska, Amak Towing and Southeast Stevedoring, have been actively engaged in Skagway operations for over 40 years and will continue to enhance Skagway as a thriving cruise and shore excursion destination, and foster collaborative working relationships with the community and cruise lines that call there.

"As the gateway to the legendary Klondike Gold Rush region, Skagway is beloved by our guests and crew for its warm hospitality and distinctively Alaskan array of sightseeing and recreational activities," said Stein Kruse, group CEO of Carnival Corporation & plc's Holland America Group and Carnival UK. "We are delighted that the Skagway port will continue to be locally owned and independently operated by an Alaskan company. Along with Survey Point, we have a long and valued history in Alaska, and remain very committed to the continued development and success of the entire region as one our most popular destinations."

The MOU also outlines that Survey Point, P3 Group and Rail Management Services – an affiliate of Survey Point – will own a majority stake in the company, and Carnival Corporation & plc will retain a minority position in the enterprise.

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