Royal Caribbean Group has announced it has purchased the remaining shares of Silversea Cruises.
The move to full ownership comes two years after Royal Caribbean acquired a two-thirds share of the ultra-luxury cruise line.
The remaining one-third stake held by Heritage Cruise Holding was paid for in the form of 5.2 million shares of Royal Caribbean common stock, which represents roughly 2.5 per cent of the total common stock.
Manfredi Lefebvre d’Ovidio, who took over Silversea from his late father, will serve as chairman of the cruise line, and Roberto Martinoli will remain Silversea’s president and CEO.
Royal Caribbean Group chairman and CEO Richard Fain said: “Silversea has been a great fit for our company from the very first day.
“The cultures of the two organisations have proven to be harmonious, and guests have responded favourably to the combination.”
Fain said Lefebvre and Martinoli have brought a fresh point of view to Royal Caribbean, as well as deep knowledge of Silversea’s audience.
“Their skills – and Manfredi’s inimitable style – will continue to play an important role in growing Silversea into the future,” he said.
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 said the acquisition marks another key step in Silversea’s drive to “uncontested leadership” in ultra-luxury and expedition cruising.
“Thanks to the incredible resources and skills of Royal Caribbean Group, Silversea will grow and thrive,” he said.
Featured image source: Silversea Cruises