RCL takes over Silversea

2020-07-13T10:38:21+00:00 July 13th, 2020|Finance|

Royal Caribbean Group (RCL) has purchased the remaining shares of luxury brand, Silversea Cruises.

This move to full ownership has come two years after RCL acquired a two-thirds share of the cruise line in July, 2018.

“Silversea has been a great fit for our company from the very first day,” said Richard Fain, RCI Chairman and CEO. “The cultures of the two organisations have proven to be harmonious, and guests have responded favourably to the combination.”

Manfredi Lefebvre d’Ovidio, who took over the company from his late father, will serve as Silversea Chairman, while Roberto Martinoli will remain the brand’s President and CEO.

“Manfredi and Roberto have brought a fresh point of view to our company, as well as deep knowledge of their brand’s unique audience,” Fain said. “Their skills – and Manfredi’s inimitable style – will continue to play an important role in growing Silversea into the future.”

Lefebvre said: “The combination of our companies has been everything I hoped for. The skills and resources of Royal Caribbean Group have helped us grow and flourish. We share a vision about the bright future of cruising, and I look forward to being a shareholder in the broader Royal Caribbean Group.”

Martinoli added: “Thanks to the incredible resources and skills of Royal Caribbean Group, Silversea will grow and thrive. Today marks another key step in our drive to uncontested leadership in ultra-luxury and expedition cruising.”

The remaining one-third stake, held by Heritage Cruise Holding, was paid for with 5.2 mill shares of RCI common stock, worth around $245 mill at the end of last week. The shares represent about 2.5% of the total common stock.

Perella Weinberg Partners served as financial advisor and Skadden Arps, Slate, Meagher & Flom served as legal advisor to RCI for this transaction. Barclays Bank served as financial advisor to Manfredi Lefebvre and Morgan, Lewis & Bockius provided legal counsel.