A global cruise vacation company Royal Caribbean Group has concluded an agreement with a private firm in New-York for the sale of its Azamara brand. The price of the contract is over $200 million; however, the deal and its conditions are still up to amendments.
Sycamore Partners is stated to purchase the whole brand together with its fleet consisting of three vessels as well as all intellectual property rights. The deal is still going to be discussed and is to be finished by April 2021.
According to Royal Caribbean Group, they want to put an accent on the expansion of their other brands. Last year, the above-mentioned company completed a deal and bought all the shares of Silversea Cruises, making it one of its brands.
Royal Caribbean Group wants to widen its opportunities and go beyond its existing brands.
Provided records show that Sycamore will be able to become good operators for Azamara brand, continuing its 13-year development process.
According to the contract, the value of Azamara and its operations will stay the same, and Royal Caribbean Group will directly participate in the process of transition of the workers, clients and stakeholders of Azamara.
The cruise company says that the sale of Azamara will affect its financial situation in the future. The assets of the company are not limited only by the aforementioned brands. It also owns have of the shares of a joint venture (TUI Cruises and Hapag-Lloyd Cruises). The company has in total more than 60 vessels and expects 15 more by the end 2021.