Royal Caribbean Group has acquired the remaining stake in Silversea Cruises, an ultra-luxury and expedition cruise services provider.

In August 2018, Royal Caribbean completed the acquisition of a 66.7% stake in Silversea Cruises.

The financial details of the transaction were not revealed.

The remaining one-third stake was purchased from Heritage Cruise Holding.

The purchase was paid in the form of 5.2 million shares of common stock of Royal Caribbean Group that is equivalent to approximately 2.5% of the entire common stock.

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

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“The cultures of the two organisations have proven to be harmonious and guests have responded favourably to the combination.”

Lefebvre d’Ovidio will serve as the chairman of Silversea Cruises, while the role of president and CEO will be held by Roberto Martinoli.

d’Ovidio said: “The combination of our companies has been everything I hoped for. The skills and resources of the 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 said: “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.”

Last month, Silversea Cruises received the delivery of new ship Silver Origin from the Dutch shipyard De Hoop.