Manfredi Lefebvre d'Ovidio has announced an agreement for Royal Caribbean Cruises to acquire a stake in Silversea Cruises to bring together two companies with a strong long-term vision in the cruise industry.
The stake is based on a corporate value of approximately $2 billion, while the purchase price is approximately $1 billion. Royal Caribeean Cruises plans to finance the purchase through debt.
In addition, Manfredi Lefebvre d'Ovidio will qualify for a contingent consideration of approximately 472,000 shares, payable if the 2019 - 2020 objectives are met.
The strategic reasons for this partnership include:
- Boost long-term capacity growth in the luxury and shipping segments on a much larger scale than Silversea would achieve independently,
- Diversification of Royal Caribbean's portfolio and increase of its shipping offer by adding a first class luxury brand,
- Join forces to generate demand and increase vacation and destination options for guests of both companies,
- Achieve important synergies related to global market access, supply chain, purchasing power and other economies of scale
The agreement is expected to be finalized in the coming months, subject to customary closing conditions and regulatory approvals.
