Royal Caribbean to buy 50% of Sandals & Beaches for ~$3B cash, close early 2027

ROYAL CARIBBEAN CRUISES LTD

Base purchase price ~$3.0B cash for 50% stake; ~10x forward EBITDA multiple.
Committed debt financing from Morgan Stanley; close expected early 2027 subject to approvals.
Joint venture board under Adam Stewart (Exec Chairman) and Jason Liberty; RCL enters all-inclusive resort market.
Deal expected accretive to earnings next year; expands RCL into ~$2T global vacation market.
Sandals & Beaches retains operations, loyalty programs; RCL adds brands including Royal Caribbean, Celebrity, Silversea.

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