Carnival Corporation announced Friday it will merge its separate stock market listings and relocate its corporate base of operations to Bermuda.
The major cruise line currently maintains dual listings on both the New York Stock Exchange and London Stock Exchange. Under the new structure, the London-based Carnival Plc will become a fully-owned subsidiary, while all trading will consolidate on the New York exchange.
According to company documents, Carnival will change its corporate domicile from the Republic of Panama to Bermuda and operate under the new name “Carnival Corporation Ltd” once the reorganization is complete.
The announcement comes on the heels of strong financial performance for the cruise industry giant. Just last month, Carnival projected annual profits that exceeded analyst expectations on Wall Street, driven by continued strong booking demand from higher-income passengers.
Investors have responded favorably to the company’s recovery, with Carnival shares climbing approximately 30% over the past year.
