Royal Caribbean has announced it will acquire a 66.7% equity stake in luxury and expedition specialists Silversea Cruises.

The purchase price of the equity – based on an enterprise value of $2 billion – is approximately $1 billion, which Royal Caribbean will finance through debt.

“Silversea is a crown jewel, and the acknowledged leader in luxury and expedition cruising, two key markets that are poised for growth,” said Richard D. Fain, chairman and CEO of Royal Caribbean Cruises Ltd. “Uniting our two companies presents an extraordinary opportunity to expand vacation options for guests and create revenue in strategic growth areas.”

Fain added that Manfredi Lefebvre d’Ovidio, chairman of Silversea, would remain in his post, “continuing to lead its strategy long term”.

Lefebvre said: “This partnership will bolster the growth of this exceptional brand founded by my father. I have always been kindred spirits with Richard and we share a vision of offering excellence and leadership to our guests. This new partnership gives Silversea the opportunity to accelerate the growth of the most successful luxury and expedition cruising brand in the world.”

Silversea’s CEO Roberto Martinoli will also continue in his role, working with the existing Silversea management team.