Royal Caribbean Group acquires the remainder of Silversea

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Silversea Cruises' Silver Explorer expedition ship.
Silversea Cruises' Silver Explorer expedition ship.

The Royal Caribbean Group purchased the remaining shares of Silversea Cruises, the luxury cruise line it acquired two-thirds of in 2018.

"Silversea has been a great fit for our company from the very first day," Richard Fain, chairman and CEO of Royal Caribbean Group, said in a statement. "The cultures of the two organizations have proven to be harmonious, and guests have responded favorably to the combination."

Manfredi Lefebvre d'Ovidio, the former owner of Silversea, will serve as the line's chairman, and Roberto Martinoli will remain the brand's president and CEO.

The remaining third of the company, which had been held by Heritage Cruise Holding, 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, the company said.

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