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Tue, 19 June 2018

Royal Caribbean to Acquire 66.7% Equity Stake in Silversea Cruises

Royal Caribbean Cruises and Manfredi Lefebvre D’Ovidio have signed an agreement for RCL to acquire a stake in privately-owned Silversea Cruises.

 Under the agreement, Royal Caribbean will acquire a 66.7% equity stake in Silversea Cruises based on an enterprise value of approximately $2 billion. The purchase price of the equity being acquired is approximately $1 billion.

RCL plans to finance the purchase through debt. In addition, Lefebvre will qualify for an estimated contingent consideration of approximately 472,000 RCL shares, payable upon achievement of certain 2019-2020 performance metrics.

Silver Explorer. Click to enlarge.

“Silversea is a crown jewel, and the acknowledged leader in luxury and expedition cruising, two key markets that are poised for growth,” said Richard D. Fain, Chairman and CEO of Royal Caribbean Cruises Ltd. “Uniting our two companies presents an extraordinary opportunity to expand vacation options for guests and create revenue in strategic growth areas. We are proud to welcome aboard Manfredi Lefebvre, a visionary leader whose high standards and history of innovation we deeply respect. Manfredi will remain Executive Chairman of Silversea, continuing to lead its strategy long term.”

Lefebvre, said, “This partnership will bolster the growth of this exceptional brand founded by my father. I have always been kindred spirits with Richard and we share a vision of offering excellence and leadership to our guests. This new partnership gives Silversea the opportunity to accelerate the growth of the most successful luxury and expedition cruising brand in the world.”

Silversea's CEO Roberto Martinoli will continue in his role, working with the existing Silversea management team.

The closing is expected to be completed later in the year, subject to customary closing conditions and regulatory approvals.

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