Royal Caribbean Group (NYSE: RCL) is Looking to the Future

Royal Caribbean Group (NYSE: RCL) is Looking to the Future

Royal Caribbean Group (NYSE: RCL) has purchased the remaining shares of Silversea Cruises, a pioneer and leader in ultra-luxury and expedition cruising.

The move to full ownership comes two years after Royal Caribbean Group acquired a two-thirds share of the cruise line in July 2018.

“Silversea has been a great fit for our company from the very first day,” said Richard D. Fain, Chairman and CEO of Royal Caribbean Group. “The cultures of the two organizations have proven to be harmonious, and guests have responded favorably to the combination.”

Manfredi Lefebvre d’Ovidio, who took over the company from his late father, will serve as chairman of Silversea. Roberto Martinoli will remain the brand’s president and CEO.

“Manfredi and Roberto have brought a fresh point of view to our company, as well as deep knowledge of their brand’s unique audience,” Fain said. “Their skills – and Manfredi’s inimitable style – will continue to play an important role in growing Silversea into the future.”

Said Lefebvre: “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.”

Added Martinoli: “Thanks to the incredible resources and skills of Royal Caribbean Group, Silversea will grow and thrive. Today marks another key step in our drive to uncontested leadership in ultra-luxury and expedition cruising.”

The remaining one-third stake held by Heritage Cruise Holding Ltd. was paid for in the form of 5.2 million shares of Royal Caribbean Group common stock, which represents about 2.5% of the total common stock.

Perella Weinberg Partners LP served as financial advisor and Skadden Arps, Slate, Meagher & Flom LLP served as legal advisor to the company regarding this transaction. Barclays Bank PLC served as financial advisor to Manfredi Lefebvre and Morgan, Lewis & Bockius LLP provided legal counsel.

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is a cruise vacation company comprising four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea.  Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 63 ships with an additional 16 on order as of July 10, 2020.  Learn more at www.rclcorporate.com or www.rclinvestor.com.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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