RCL will now embark on a multi-year initiative that will involve upgrading Silversea’s ships and products
By
Rebecca Gibson |
Royal Caribbean Cruises Ltd. (RCL) has officially acquired a two-thirds stake in privately owned luxury and expedition cruise operator Silversea Cruises after receiving final approval from regulators.
The acquisition, which was first revealed this June, has seen RCL purchase a 66.7% stake of Silversea for around US$2 billion based on an enterprise value of approximately US$2 billion. Silversea owner Manfredi Lefebvre D'Ovidio will retain the remaining 33.3% shares in Silversea and continue his role as the company’s executive chairman.
“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 realise 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.”
Thanks to the acquisition, Silversea will be able to drive long-term capacity growth in the luxury and expedition markets at a much larger scale than it would have been able to achieve independently. Meanwhile, RCL will be able to expand into the ultra-luxury and expedition sectors.
“We are proud to officially welcome Silversea’s industry-leading team to the RCL family,” said Richard Fain, chairman and CEO of Royal Caribbean Cruises Ltd. “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.”
RCL also revealed that it will embark on Project Invictus, a multi-year initiative that will involve upgrading Silversea’s ships and products. The first Invictus enhancements will begin rolling out on Silver Muse on 19 August, which will be fitted with an updated champagne and caviar offering. Immediately thereafter, all of the line’s ships will be fitted with this offering and many new onboard features.
Meanwhile, the planned renovation of Silver Whisper in December 2018 will be “much more comprehensive than initially anticipated” and will now include a partial refit of all guest cabins. Silver Wind will also undergo an extended refurbishment in December and Silver Shadow will follow shortly after.
“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.