Royal Caribbean Cruises has closed an agreement to purchase 66.7% of the Silversea Cruises shipping company, a stake valued at $2 billion (€1.718 billion), for which it will pay $1 billion (€859.5 million), as announced by both shipping companies in a joint statement.
According to the agreement, Royal Caribbean plans to finance the purchase through debt, in a deal that includes a contingent consideration estimated at 472,000 shares of the shipping company for Silversea if the planned objectives for the 2019-2020 period are achieved.
With Royal Caribbean's acquisition of Silversea, the group led by Richard D. Fain aims to bring together two companies with a long-term vision in the cruise industry and boost the growth of the luxury and expedition cruise brand chaired by Manfredi Lefebvre D'Ovidio.
Silversea's management team will remain with the company to guide its strategy following Royal Caribbean's acquisition of a stake in the company, an operation with which they expect "significant synergies".
“Silversea is a crown jewel and the recognized leader in luxury and expedition cruises, two key markets that are destined for growth,” said Royal Caribbean Chairman and CEO Richard D. Fain, who sees the merger of the two companies as an opportunity to “generate revenue in strategic growth areas” for the cruise business, as well as provide more choices for customers.
Lefebvre and Fain also confirmed that Silversea CEO Roberto Martinoli will continue in his role, working with the Silversea management team.
Silversea, with a fleet of ships sailing to more than 1,000 destinations and featuring unique luxury expedition vessels, adds a pioneering ultra-luxury brand to the cruise line group that is part of Royal Caribbean Cruises Ltd. RCL's largest brand, Royal Caribbean International, is focused on families seeking adventure; Celebrity Cruises is a premium brand that delivers a modern luxury experience to the world's most discerning travelers; and Azamara Club Cruises is an immersive brand offering luxury voyages to unique ports. The company also operates the regional brands TUI Cruises and Pullmantur.
