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.
“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.”
“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
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.