Royal Caribbean Is Selling Its Azamara Cruise Line in $201 Million Deal
It's asset sale time at Royal Caribbean Group (NYSE: RCL). The company announced Tuesday that it has signed a definitive agreement to sell its Azamara luxury cruise line to well-known private equity firm Sycamore Partners. The price, which is to be paid entirely in cash, is $201 million.
In the world of big cruise line operators, Azamara is a relatively small fish, consisting of three mid-sized ships -- the Journey, the Quest, and the Pursuit. Sycamore Partners will be the new owner of this trio, plus associated intellectual property.
Royal Caribbean said it will use the proceeds of the sale to help expand its Royal Caribbean International, Silversea, and Celebrity Cruises lines.
Source Fool.com
