Royal Caribbean Cruises has taken advantage of the depressed market to buy out luxury line Silversea Cruises.
Royal bought a two-thirds stake in 2018, and has now purchased the remaining third for $245 million of stock.
That puts Silversea’s current valuation at $735 million, which is way down on its $2 billion valuation two years ago.
"Silversea has been a great fit for our company from the very first day," Royal Caribbean CEO Richard Fain said in a statement.
Like the cruise industry in general, Royal Caribbean shares are down about 65% this year.
Meanwhile, the Royal Caribbean parent company has quietly changed its name.
Royal Caribbean Cruises Ltd has been changed to Royal Caribbean Group.
It has also updated the logo to reflect the new name change.
