Royal Caribbean Group has reached an agreement to sell its Azamara brand to US-based private equity firm Sycamore Partners for US$201 million, as it seeks to shed assets amid the pandemic.
Expected to close in 1Q2021, the all-cash, carve-out transaction will see Sycamore Partners acquiring the cruise line’s three-ship fleet and associated intellectual property.
Sycamore Partners will acquire the entire Azamara brand for US$201 million
In a statement announcing the deal, Royal Caribbean said Azamara’s value proposition and operations “will remain consistent under the new arrangement” and it would “work in close collaboration on a seamless transition for Azamara employees, customers and other stakeholders”.
Royal Caribbean Group chairman and CEO, Richard Fain, said the company will focus its growth strategy on its three global brands: Royal Caribbean International, Celebrity Cruises and Silversea.
Royal Caribbean Group has reached an agreement to sell its Azamara brand to US-based private equity firm Sycamore Partners for US$201 million, as it seeks to shed assets amid the pandemic.
Expected to close in 1Q2021, the all-cash, carve-out transaction will see Sycamore Partners acquiring the cruise line’s three-ship fleet and associated intellectual property.
In a statement announcing the deal, Royal Caribbean said Azamara’s value proposition and operations “will remain consistent under the new arrangement” and it would “work in close collaboration on a seamless transition for Azamara employees, customers and other stakeholders”.
Royal Caribbean Group chairman and CEO, Richard Fain, said the company will focus its growth strategy on its three global brands: Royal Caribbean International, Celebrity Cruises and Silversea.