The Canada Pension Plan Investment Board and TPG Capital are increasing their investment in Viking Holdings Ltd.
The CPPIB and the private equity platform were already minority stakeholders in the parent company of Viking Cruises. The additional investment means about US$500 million of net proceeds will be available to support Viking Cruises continued development.
Read: CPPIB invests in cruise operator
“While the pandemic has posed many challenges, we have strong conviction that Viking’s unique global offering in the cruise industry will continue to be sought out by many guests well into the future,” said Bill MacKenzie, managing director and head of active fundamental equities for the CPPIB, in a press release.
“CPP Investments, alongside TPG, is looking forward to supporting Viking and its management team as they return to delivering high-quality, comfortable journeys around the world and build long-term value in the business in the time to come.”