Royal Caribbean Group has announced that it has purchased the remaining shares of luxury cruise line Silversea Cruises.

The move to full ownership comes two years after Royal Caribbean Group acquired a two-thirds share of the cruise line in July 2018.

Chairman and CEO of Royal Caribbean Group, Richard D. Fain, said: “Silversea has been a great fit for our company from the very first day. 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.

Fain added: “Manfredi and Roberto have brought a fresh point of view to our company, as well as deep knowledge of their brand’s unique audience.

“Their skills – and Manfredi’s inimitable style – will continue to play an important role in growing Silversea into the future.”

Lefebvre said: “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.”

Martinoli added: “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 per cent 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.

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