Arison Cashes In On Carnival

Miami Heat owner Micky Arison reacts after he was introduced during a celebration at the American Airlines Arena after the Heat's NBA Basketball Championship parade in Miami, Florida June 24, 2013. REUTERS/Joe Skipper
Micky Arison, whose business ventures also include owner of the Miami Heat, reacts after he was introduced during a celebration at the American Airlines Arena after the Heat’s 2013 NBA Basketball Championship parade in Miami, Florida June 24, 2013. REUTERS/Joe Skipper

Carnival Corporation Chairman and billionaire businessman, Micky Arison, is set to rake in almost $400 million in cash from the sale of a 1% of stake in the cruise conglomerate.

Carnival Corp. announced today that they have been notified by Arison’s team of his plan to sell up to 10 million shares of Carnival Corporation common stock, equaling approximately 1% of the total combined voting rights of Carnival Corporation & Carnival plc.

In fact, of the 10 million Shares, 5,000,000 shares were sold already on February 28, 2014 at a price of US$39.50 per share. The remaining 5 million shares will be sold over the next 15 months, according to the Carnival Corp. statement.

Assuming the $39.50 share price, Arison is set to pocket $395 million, which he says he will used for tax planning, estate planning and diversification purposes.

Carnival notes that if all 10,000,000 of the shares are sold, the Arison family and related entities will remain beneficial owners of approximately 188 million Shares, constituting approximately 24% of the total combined voting rights of Carnival Corporation & plc.

Micky Arison stepped down as Carnival Cruises CEO in June after 34 years. He remains Chairman of the Board of Carnival Corporation and Carnival plc and is still the single largest shareholder.