It’s finally offical: Apollo Management has purchased Regent Seven Seas Cruies from the Carlson Company.

According to Seatrade Insider, the price was not disclosed but sources value the deal at more than $1 billion. Regent Seven Seas will go into a new holding company established by Apollo that includes Oceania Cruises. Prestige Cruise Holdings will be led by Oceania chairman and ceo Frank Del Rio.

The Oceania and Regent brands will remain separate, and Regent’s president Mark Conroy will stay onboard; he will report to Del Rio.

Norwegian Cruise Line Corp. will remain a separate holding of Apollo investment that is not part of Prestige Cruise Holdings.

Carlson is leasing the Regent name to the new entity for use with the cruise ships. The Regent hotels are not part of the transaction.

The purchase of Regent is the third cruise line purchase for Apollo within twelve months. The company purchased Oceania Cruises and took a $1 billion dollar stake in Norwegian Cruise Line.