Royal Caribbean Completes Acquisition of Silversea Shares

Silversea Cruises is now part of the Royal Caribbean Cruises Ltd. (“RCL”) family. The parties today closed on RCL’s previously-announced acquisition of a two-thirds stake in Silversea.

The move gives RCL an ultra-luxury brand to round out its portfolio.

"We are proud to officially welcome Silversea's industry-leading team to the RCL family," said Richard D. Fain, chairman and CEO of RCL. "This is a dynamite combination and we can't wait to work with Manfredi, Roberto and the entire team as together we take Silversea to the next level."

In the deal approved by regulators, RCL will buy a 66.7 percent equity stake in Silversea, based on an enterprise value of approximately $2 billion. Manfredi Lefebvre d'Ovidio will retain a 33.3 percent stake and remain executive chairman of Silversea.

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"We're excited to join the Royal Caribbean family and ready to begin this next chapter as part of an industry leader that is uniquely qualified to support Silversea's future growth," said Lefebvre. "This partnership enables us to realize our vision of being the uncontested leader in ultra-luxury cruising and expedition, taking our guests to more than 1,000 destinations aboard some of the world's most luxurious vessels."

The companies today also announced Project Invictus. The multi-year initiative will include enhancements, product upgrades and ship revitalization for the Silversea fleet.

"Our intent is to solidify our already strong leadership position with an exciting array of upgrades that thrill our guests," said Roberto Martinoli, Silversea CEO.

The first enhancements take place on Silver Muse August 19, 2018, with an upgraded champagne and caviar offering. Other improvements will roll out fleetwide thereafter.

The scheduled renovation of Silver Whisper in December 2018 will now be much more extensive. It will include a partial refit of all guest cabins. Silversea's Silver Wind will also begin an augmented dry dock in December 2018. The work on the vessels furthers the goal of a fleet-wide "Musification,” following the lead of the flagship, Silver Muse. The plan comes to full fruition with the enhanced dry dock of Silver Shadow, set to follow.

The RCL fleet now numbers 59 ships with an additional 15 on order. Silversea joins a lineup of RCL brands that include Royal Caribbean International, Celebrity Cruises, Azamara Club Cruises, TUI Cruises and Pullmantur Cruceros.