Royal Caribbean Purchases Pullmantur S.A.

Ana Figueroa In a move to further expand its European and Latin American operations, Royal Caribbean Cruises Ltd. has agreed to purchase Pullmantur S.A., the Madrid-based cruise and tour operator. Royal Caribbean expects the acquisition to be completed by the fourth quarter of 2006, subject to regulatory

By: Ana Figueroa

In a move to further expand its European and Latin American operations, Royal Caribbean Cruises Ltd. has agreed to purchase Pullmantur S.A., the Madrid-based cruise and tour operator. Royal Caribbean expects the acquisition to be completed by the fourth quarter of 2006, subject to regulatory approvals.

Established in 1971, Pullmantur is the largest cruise operator in Spain. It has two primary business interests: cruises and tour operations. Its cruise division consists of five ships operating in Europe and Latin America. Its tour operations sells travel packages to Spanish guests including hotel and flights primarily to Caribbean resorts, and sells travel packages to Europe aimed at Latin American customers.

Pullmantur also has a small air business that operates three aircraft in support of its cruise and tour. Pullmantur has offices in Spain and Portugal, with approximately 2,600 employees, and will be Royal Caribbean’s first wholly owned European brand. As part of the transaction, Pullmantur will be withdrawing from all Cuba-related activities prior to closing.

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