NCL CORP. last week said that private equity firm Apollo Management would invest $1 billion into the cruise company to become a 50% owner alongside Malaysia-based Star Cruises, NCL's sole shareholder since 2000. Apollo will make a cash equity investment in the form of common stock and will name the majority of NCL's five-member board. Apollo is the New York-based private equity firm that purchased Oceania Cruises for $850 million in March; former NCL president Adam Aron is a senior operating partner with the firm. NCL and Apollo said that Oceania and NCL were expected to remain separate investments and would not merge. The transaction is expected to be completed by the end of this year.