Correction, 9/4/14, 11:47 a.m. EST: An earlier version of this story misidentified Matthew Bobby of Cravath, Swaine & Moore as a practice area attorney. He is an associate who has not yet been admitted into the bar. The story has been revised accordingly. We regret the error.

Norwegian Cruise Line Holdings has agreed to purchase privately held Prestige Cruises International for $3.03 billion in the hopes of becoming the next big name in luxury ocean cruises.