MIAMI, July 10, 2020 /PRNewswire/ -- 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.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements in this release relating to,
among other things, our future performance estimates, forecasts and
projections constitute forward-looking statements under the Private
Securities Litigation Reform Act of 1995. These statements
include, but are not limited to statements regarding revenues,
costs and financial results for 2020 and beyond. Words such
as "anticipate," "believe," "could," "driving," "estimate,"
"expect," "goal," "intend," "may," "plan," "project," "seek,"
"should," "will," "would," "considering", and similar expressions
are intended to help identify forward-looking statements.
Forward-looking statements reflect management's current
expectations, are based on judgments, are inherently uncertain and
are subject to risks, uncertainties and other factors, which could
cause our actual results, performance or achievements to differ
materially from the future results, performance or achievements
expressed or implied in those forward-looking statements.
Examples of these risks, uncertainties and other factors include,
but are not limited to the following: the impact of the economic
and geopolitical environment on key aspects of our business, such
as the demand for cruises, passenger spending, and operating costs;
our ability to obtain sufficient financing, capital or revenues to
satisfy liquidity needs, capital expenditures, debt repayments and
other financing needs; the effectiveness of the actions we have
taken to improve and address our liquidity needs; incidents or
adverse publicity concerning our ships, port facilities, land
destinations and/or passengers or the cruise vacation industry in
general; concerns over safety, health and security of guests and
crew; the impact of the global incidence and spread of COVID-19,
which has led to the temporary suspension of our operations and has
had and will continue to have a material negative impact on our
operating results and liquidity, or other contagious illnesses on
economic conditions and the travel industry in general and the
financial position and operating results of our Company in
particular, such as: the current and potential additional
governmental and self-imposed travel restrictions, the current and
potential extension of the suspension of cruises and new additional
suspensions, guest cancellations, an inability to source our crew
or our provisions and supplies from certain places, the incurrence
of COVID-19 and other contagious diseases on our ships and an
increase in concern about the risk of illness on our ships or when
traveling to or from our ships, all of which reduces demand;
unavailability of ports of call; growing anti-tourism sentiments
and environmental concerns; changes in US foreign travel policy;
the uncertainties of conducting business internationally and
expanding into new markets and new ventures; our ability to
recruit, develop and retain high quality personnel; changes in
operating and financing costs; our indebtedness and restrictions in
the agreements governing our indebtedness that limit our
flexibility in operating our business; the impact of foreign
currency exchange rates, interest rate and fuel price
fluctuations; vacation industry competition and changes in industry
capacity and overcapacity; the risks and costs associated with
protecting our systems and maintaining integrity and security of
our business information, as well as personal data of our guests,
employees and others; the impact of new or changing
legislation and regulations or governmental orders on our business;
pending or threatened litigation, investigations and enforcement
actions; the effects of weather, natural disasters and seasonality
on our business; emergency ship repairs, including the related lost
revenue; the impact of issues at shipyards, including ship delivery
delays, ship cancellations or ship construction cost increases;
shipyard unavailability; and the unavailability or cost of air
service.
In addition, many of these risks and uncertainties are currently
heightened by and will continue to be heightened by, or in the
future may be heightened by, the COVID-19 pandemic. It is not
possible to predict or identify all such risks.
More information about factors that could affect our operating
results is included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent annual report on
Form 10-K and quarterly report on Form 10-Q, copies of which may be
obtained by visiting our Investor Relations website at
www.rclinvestor.com or the SEC's website at www.sec.gov. Undue
reliance should not be placed on the forward-looking statements in
this release, which are based on information available to us on the
date hereof. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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