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.