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Royal Caribbean takes majority stake in ‘crown jewel’ Silversea
Royal Caribbean Cruises is buying a 66.7% stake in privately-owned luxury cruise line Silversea for around US$1 billion.
Silversea operates nine ships, four of which are expedition vessels, and is due to take two brand new ships – the Silver Moon and Silver Dawn – in 2020 and 2021.
RCL plans to finance the purchase through debt.
Silversea chairman Manfredi Lefebvre d’Ovidio will continue to lead the luxury cruise line and will qualify for RCL shares if it meets certain performance targets in 2019/20.
"Silversea is a crown jewel, and the acknowledged leader in luxury and expedition cruising, two key markets that are poised for growth," said RCL chairman and CEO Richard Fain said. "Uniting our two companies presents an extraordinary opportunity to expand vacation options for guests and create revenue in strategic growth areas."
Describing Lefebvre as a ‘visionary leader’, he said he would remain executive chairman and continue to lead its strategy ‘long term’.
"This partnership will bolster the growth of this exceptional brand founded by my father," Lefebvre said. ‘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 world."
The acquisition, which is expected to complete later this year, was described by Fain as ‘a dream come true’.
Lefebvre said he had been approached ‘constantly’ by Asians, financial investors and other competitors. "I was always reluctant … [But] with Royal Caribbean, it’s really a culture of partnership." He cited the ‘great success’ of RCL’s TUI Cruises joint venture, his shared values with Fain and RCL’s innovation.
The investment, Lefebvre said, will finance new ships, strengthen Silversea’s access to markets and create significant synergies.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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