MIAMI, July 31, 2018 – Silversea Cruises, a pioneer and leader in ultra-luxury and expedition cruising, has officially joined the Royal Caribbean Cruises Ltd. (NYSE: RCL) family.
The companies announced today that they have completed RCL's acquisition of a two-thirds stake in Silversea, following final regulatory approval. The investment unites two leaders in the cruise industry and completes RCL's portfolio of cruise brands across all key market segments.
“The RCL family is very proud to officially welcome the Silversea team,” said Richard D. Fain, Chairman and CEO of Royal Caribbean Cruises Ltd. “This is an explosive combination and we look forward to working with Manfredi, Roberto and the entire team. Together we will take Silversea to the next level.”.
Regulators have approved Royal Caribbean's acquisition of a 66.7% stake in Silversea Cruises, based on an enterprise value of approximately $2 billion. Manfredi Lefebvre d'Ovidio will remain Silversea's executive chairman and retain a 33.3% stake.
“We are thrilled to join the Royal Caribbean family and are ready to begin this next chapter as part of an industry leader that is uniquely positioned to support Silversea’s future growth,” said Lefebvre. “This partnership allows us to pursue our goal of being the undisputed leader in ultra-luxury cruise and expedition travel, taking our guests to more than 1,000 destinations aboard some of the world’s most luxurious ships.”.
The companies also announced Project Invictus, a medium- to long-term initiative to elevate Silversea's ultra-luxury offerings. Project Invictus range from product upgrades to ship revitalization programs. “Our intention is to consolidate our already strong leadership position with an exciting array of improvements that will captivate our guests,” said Roberto Martinoli, CEO of Silversea.
The first Invictus enhancements will begin on the Silver Muse on August 19 , launching with an upgraded champagne and caviar offering. Immediately afterward, these and other improvements will be rolled out across the fleet, impacting a wide range of integrated features and further strengthening Silversea's reputation for luxury.
Silversea’s growing fleet of ultra-luxury ships will also benefit from an upgrade. The planned refurbishment of the Silver Whisper in December 2018 will be far more extensive than initially envisioned and will include a partial refurbishment of all suites. In addition, Silver Wind will also enter dry dock for improvements in December 2018. Both vessels will join the overall “Museification” plan for the entire fleet, inspired by the design of the highly successful cruise line’s flagship, the Silver Muse. The plan will be completed shortly thereafter with a dry dock for the Silver Shadow.
With Silversea joining RCL's lineup alongside Royal Caribbean International, Celebrity Cruises, Azamara Club Cruises, TUI Cruises and Pullmantur Cruises, the Royal Caribbean Cruises Ltd. fleet now has 59 ships and 15 more already on order.
JP Morgan Securities LLC acted as financial advisor to RCL and also served as lead arranger for debt financing with respect to the transaction.
