Two years after buying two-thirds of the cruise line, Royal Caribbean Group announced on Friday that it now fully owns Silversea Cruises.
Royal Caribbean purchased the remaining shares of the ultra-luxurious cruise line, which gives it full ownership of the company.
Royal Caribbean Group bought two-thirds of Silversea in July 2018.
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.
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.
"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."
Matt Hochberg
Matt loves to cruise, and started Cruise.Blog as a place to share different cruise experiences, advice, and what to know before going on a cruise.
He lives in Florida with his wife and two daughters, where he can be found on any given day trying to convince his wife they "need" to book another cruise.
