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Pullmantur deal fuels RCCL's drive into Europe.
(From Lloyds List)
Byline: € 700m Spanish acquisition boosts earnings forecasts and shares, writes Sandra Speares
CRUISE lines' drive into the European market continues with Royal Caribbean's move to buy Spain's largest cruise and tour operator in a deal worth €700m ($818m).
Royal Caribbean signed an agreement with Pullmantur shareholders yesterday to buy its capital stock for € 430m plus the company's net debt of about €270m.
The move almost immediately had the effect of generating improved earnings forecasts and gave a boost to the company's shares.
'Pullmantur offers a terrific strategic opportunity for Royal Caribbean to further grow our presence in the European and Latin American markets in a major way,' said Royal Caribbean chief executive Richard Fain.
'We have made significant inroads in these regions through our Royal Caribbean International and Celebrity Cruises brands, and this combination will allow us to accelerate our growth in these markets.'
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