Skagway, Alaska. The scenic White Pass & Yukon Route Railroad.

(11:35 a.m. EDT) -- Carnival Corporation & plc has entered into an agreement, through its subsidiary Holland America Princess Alaska Tours, to acquire TWC Enterprises Limited's White Pass & Yukon Route (WP&YR) division. This includes the popular White Pass scenic rail, which goes between Skagway and Whitehorse, as well as port and retail operations in Skagway, Alaska. The sale is scheduled to close on July 31, 2018.

"As the gateway to the legendary Klondike Gold Rush region, Skagway is beloved by our guests and crew for its warm hospitality and distinctively Alaskan array of sightseeing and recreational activities," said Stein Kruse, group CEO of Carnival Corporation & plc's Holland America Group and Carnival UK, in a press release. Carnival Corporation & plc is the parent company of Carnival Cruise Line, Holland America Line, Princess Cruises and Cunard.

He added that the overall investment will include support for the expansion of the docking facilities in Skagway to "accommodate the newest generation of cruise ships."

Carnival Corp. also said it plans to partner with Survey Point Holdings, Inc., a company based in Ketchikan, Alaska, putting that company in charge of the management of the White Pass Scenic Railway, as well as the associated retail operations in Skagway.

"We are delighted that the Skagway port will continue to be locally owned and independently operated by an Alaskan company," Kruse said. "Along with Survey Point, we have a long and valued history in Alaska, and remain very committed to the continued development and success of the entire region as one our most popular destinations."

 --By Brittany Chrusciel, Associate Editor