Royal Caribbean Cruises Ltd RCL has entered into a new partnership with iCON Infrastructure Partners VI, L.P. (iCON VI), a fund advised by iCON Infrastructure LLP.
The partnership willdevelop strategic cruise port infrastructure in support of Royal Caribbean Group’s growth plans.
The collaboration will own, develop, and manage cruise terminal facilities and infrastructure in home ports and key ports of call.
The partnership, which will be owned 90% by iCON VI and 10% by Royal Caribbean Group, will be managed by an independent management team.
The agreement will initially include PortMiami Terminal A, and development projects in Italy, Spain, and the U.S. Virgin Islands.
At completion, Royal Caribbean expects to receive net cash proceeds of approximately $210 million.
The partnership is expected to be accretive to earnings, ROIC, and leverage metrics and will allow Royal Caribbean Group to continue investing in the development of strategic infrastructure while supporting the goals of its Trifecta program.
Price Action: RCL shares are trading lower by 3.31% at $51.64 on the last check Monday.
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