Royal Caribbean Group has purchased the remaining shares of Silversea Cruises, the cruise giant announced Friday.
The transition to full ownership comes nearly two years after Royal Caribbean acquired a two-thirds stake in the ultra-luxury cruise line. The company purchased the remaining one-third stake from Heritage Cruise Holding Ltd. with 5.2 million shares of Royal Caribbean Group common stock representing approximately 2.5 percent of the group's total common stock.
Looking ahead, Manfredi Lefebvre d'Ovidio will serve as chairman of Silversea after taking over for his late father while Roberto Martinoli will remain in the roles of president and CEO.
"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, in a statement accompanying Friday's announcement. "The cultures of the two organizations have proven to be harmonious and guests have responded favorably to the combination."
"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 added. "Their skills-and Manfredi's inimitable style-will continue to play an important role in growing Silversea into the future."
In his own statement, Lefebvre said that the two companies "share a vision about the bright future of cruising" while Martinoli called the acquisition a "key step in our drive to uncontested leadership in ultra-luxury and expedition cruising."
Royal Caribbean recently extended its suspension of cruising due to the COVID-19 pandemic in a move that will keep Silversea ships out of service for at least the next few weeks to come.
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