logo
Plus   Neg
Share
Email

Royal Caribbean To Divest Azamara Brand To Sycamore Partners For $201 Mln Cash - Quick Facts

Royal Caribbean Group (RCL) announced Tuesday it has entered into a definitive agreement to sell its Azamara brand to a private equity firm Sycamore Partners in an all-cash carve-out transaction for $201 million, subject to certain adjustments and closing conditions.

Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The transaction, subject to customary conditions, is expected to close in the first quarter of 2021.

Royal Caribbean Group noted the transaction allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea brands.

Royal Caribbean Group will work in close collaboration on a seamless transition for Azamara employees, customers and other stakeholders. In conjunction with the transaction, Azamara Chief Operating Officer Carol Cabezas has been appointed President of the brand.

The transaction will result in a one-time, non-cash impairment charge of approximately $170 million. The sale of Azamara is not expected to have a material impact on Royal Caribbean Group's future financial results.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Uber Technologies Inc. (UBER) Wednesday reported a first-quarter loss that narrowed from last year, despite revenues dropping 16%, reflecting a gain from sale of self-driving unit. The ride-hail service's fourth-quarter loss was narrower than Wall Street estimates, but revenues fell short of expectations.... Social media giant Facebook's Workplace business tool has breached the seven million paid subscribers mark at a time when jobs have gone remote and is now the new normal amid the ongoing pandemic. The number of paid subscribers has grown 40 percent from last year. General Motors Co. (GM) Wednesday reported a profit for the first-quarter that surged from last year, driven by strong price and mix performance in North America, strong credit and residual value performance at GM Financial, as well as the industry recovery in China. Earnings per share topped analysts' expectations, while quarterly revenues missed their estimates.
Follow RTT