Norwegian Cruise Line Holdings, the world's third largest cruise operator, is acquiring Prestige Cruises International for $3.025 billion in cash and stock.
Norwegian Cruise announced the deal Tuesday morning.
The deal would give Norwegian Cruise, a company with a market value of $6.8 billion, access to Prestige Cruises' luxury cruise ships and affluent clientele as it competes with bigger rivals Royal Caribbean Cruises and Carnival.
Read MoreNorwegian Cruise nears $3B Prestige deal: Sources
"Our complementary strengths and skill sets will pave the way for new cross-selling opportunities, cross-brand collaboration, cross-business support, as well as joint partnerships which, coupled with meaningful synergies that can be quickly implemented, will provide solid accretion to earnings per share and drive long-term shareholder value," Kevin Sheehan, Norwegian Cruise Line's chief executive officer, said in a statement.