Royal Caribbean Buys Majority Stake in Silversea Cruises

Today, Royal Caribbean Cruises announced that it is acquiring a 66.7% stake in Silversea Cruises for $1,000,000,000 (billion) and assuming around $500,000,000 (million) in debt. As a privately held cruise brand, Silversea operates nine ships with two newbuilds, Silver Moon and Silver Dawn, which are under construction for delivery in 2020 and 2021, with an option for a sister ship. RCL states that it plans to finance the purchase through debt. Silversea's executive chairman, Manfredi Lefebvre d'Ovidio, will qualify for an estimated contingent payment of of 472,000 RCL shares, based on reaching certain 2019-2020 performance marks, which are currently worth a little over $50,000,000 based on the current price of RCL shares.  Seatrade Cruise explains that Silversea was the "brainchild of Antonio Lefebvre d’Ovidio, a noted Italian jurist and law professor who wanted to create a new class of spacious ships with highly personalized service. In 1988, he…

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