Royal Caribbean sells stake in Spanish and French cruise brands
Madrid-based private equity firm Springwater is taking a 51% stake in Pullmantur and Croisières de France, leaving the US cruise giant with a 49% holding through a new joint venture.
Royal Caribbean will retain full ownership of the ships and aircraft currently operated by the two brands, which will be leased into the joint venture.
Chairman and chief executive, Richard Fain, said: "Pullmantur and CDF have a long history of offering authentic, localised cruise vacations to their home markets.
"We look forward to the new focus that this joint venture with Springwater will bring to these companies as they seek to grow."
He added: "Given the signs of recovery we have seen in the Spanish economy, as well as increased interest in cruising from tourists in France, we think this is the right time to bring together the extensive experience of our deeply valued employees at Pullmantur and CDF with the local travel and tourism expertise of the Springwater team.
“Springwater's local management presence in Madrid, coupled with RCL's long-standing history in cruise operations, will provide the foundation for improved returns in the future."