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Cruise Talk » Cruise Lines » Iberojet Cruises Sold

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Topic: Iberojet Cruises Sold

cruceromania
First Class Passenger
Member # 5195

posted 05-30-2006 05:49 PM

From Seatrade Insider

US financial powerhouse to acquire Iberostar
30/5/2006
The Washington, D.C.-based Carlyle Group has agreed to acquire the Spanish travel giant Grupo Iberostar from its owners, the Fluxa family, at a price of €900m, according to media reports in Palma de Mallorca.
The transaction is expected to close within 45 days, following competitive bidding among four private equity firms, orchestrated by investment bankers Lazard Freres, which reportedly received the selling mandate in early February.

Iberostar Cruises, which operates Grand Mistral and Grand Voyager, would be included in the transaction, along with Grupo Iberostar's airline operations and chain of travel agencies in Europe and the Western Hemisphere. The Fluxa family plans, however, to retain control of Iberostar's hotel operations.

Like most private equity firms, Carlyle typically upgrades the operations of companies it acquires before selling them to long-term owners.

In this instance, the modest size of Iberostar's cruise activities against a backdrop of strong growth in the Spanish-sourced market suggests two logical alternatives: To expand, as Pullmantur Cruises has recently done in growing to an operation of six vessels, or to exit the sector entirely if it is seen as non-strategic for the overall group.

With $39bn under its management, the Carlyle Group clearly has the resources to go either way.

Posts: 91 | From: Spain | Registered: Nov 2004 | IP: Logged

PamM
First Class Passenger
Member # 2127

posted 05-30-2006 06:15 PM

Interesting... but what % of the group as a whole is the cruise division? Fairly small perhaps looking at the overall €900m price tag.

Pam

Posts: 12176 | From: Cambridge, UK | Registered: Jun 2001 | IP: Logged

Joe1690
First Class Passenger
Member # 4889

posted 05-30-2006 06:52 PM

Pam you are probably right that Iberojet cruises is a small percentage of Iberostar's assets. I am curious though as to whether RCCL might consider buying them to boost their European presence or if this company is just to small to make it one of Royal Carribbean's Brands. I know RCCL has been strongly desiring a European Brand to build its presence in Europe but after the Princess deal fell through they decided to instead just follow organic growth.

Posts: 87 | From: King of Prussia, PA | Registered: Jul 2004 | IP: Logged

PamM
First Class Passenger
Member # 2127

posted 05-30-2006 07:28 PM

I just wondered, if it was a small part [I don't really have any idea], that the cruise division might get sold off as a separate entity. Travelplan/Globalia may be interested too.

Pam

Posts: 12176 | From: Cambridge, UK | Registered: Jun 2001 | IP: Logged

Waynaro
First Class Passenger
Member # 3484

posted 05-31-2006 12:14 AM

Interesting such a huge travel company is being sold. In regards to the Fluxa family keeping the hotel business, they should have kept the Iberojet Cruises as a complimentary division....

Posts: 6108 | From: Vallejo,CA : California Maritime Academy!!! | Registered: Nov 2002 | IP: Logged

cruceromania
First Class Passenger
Member # 5195

posted 05-31-2006 04:40 AM

I also think that Iberojet Cruises is a small percentage of Iberostar's assets (it's integrated in Iberojet Touroperator)

http://www.grupoiberostar.com

One thing more, RCCL have been negotiation with Pullmantur Cruises last winter.

[ 05-31-2006: Message edited by: cruceromania ]

Posts: 91 | From: Spain | Registered: Nov 2004 | IP: Logged

bulbousbow
First Class Passenger
Member # 4440

posted 05-31-2006 08:47 AM

cruceromania, should Pullmantur Cruceros be the subject of a takeover, who would you prefer?

******

Cheers

Posts: 6866 | From: Adelaide, Australia | Registered: Feb 2004 | IP: Logged

cruceromania
First Class Passenger
Member # 5195

posted 05-31-2006 10:14 AM

I don't think so. I would prefer at least an independient spanish group, Pullmantur?.

Posts: 91 | From: Spain | Registered: Nov 2004 | IP: Logged

Waynaro
First Class Passenger
Member # 3484

posted 05-31-2006 11:15 AM

quote:
Originally posted by cruceromania:

One thing more, RCCL have been negotiation with Pullmantur Cruises last winter.

Interesting. Would RCI move to Iberojet Cruises now...it would be easier to take over.

Posts: 6108 | From: Vallejo,CA : California Maritime Academy!!! | Registered: Nov 2002 | IP: Logged

Joe1690
First Class Passenger
Member # 4889

posted 05-31-2006 11:47 AM

I am not very familiar with these smaller cruiselines operated in Europe since I am from the United States and they tend not to be marketed here. However, does Iberojet have more new ships than Pullmantur or is it vice versa? Also, are Pullmantur and Iberojet complementary in the sense that RCCL could purchase both and combine them into 1 cruise line taking the best ships from both fleets or does this not make sense? Also, I wanted to thank a previous poster who mentioned that RCCL has been in discussions with Pullmantur since last year since I was not aware of this.

Posts: 87 | From: King of Prussia, PA | Registered: Jul 2004 | IP: Logged

bulbousbow
First Class Passenger
Member # 4440

posted 06-01-2006 01:54 AM

quote:
cruceromania wrote:
I would prefer at least an independient spanish group, Pullmantur?

I agree, it would be best if there were no takeovers and there was at least one independent Spanish cruise company, but if you had no choice and had to pick between: RCCL, Carnival Corp, Star/NCL and MSC, to takeover whoever was left in the Spanish market, who would it be?

******

Cheers

Posts: 6866 | From: Adelaide, Australia | Registered: Feb 2004 | IP: Logged

Waynaro
First Class Passenger
Member # 3484

posted 06-03-2006 05:04 PM

quote:
Originally posted by Joe1690:
I am not very familiar with these smaller cruiselines operated in Europe since I am from the United States and they tend not to be marketed here. However, does Iberojet have more new ships than Pullmantur or is it vice versa?

IBEROJET only has two ships: The GRAND MISTRAL (ex. First European/Festival's MISTRAL) and the GRAND VOYAGER (ex. OLYMPIA VOYAGER).

Pullmantur has a bigger fleet: HOLIDAY DREAM, SS OCEANIC, SKY WONDER (ex. PACIFIC SKY), and one or two R-ships.

I guess they both have the same number of "new" ships, but Pullmantur has more berths.

Posts: 6108 | From: Vallejo,CA : California Maritime Academy!!! | Registered: Nov 2002 | IP: Logged

gpcruisedude
First Class Passenger
Member # 3533

posted 06-04-2006 07:17 PM

I would say RCCL would be a good candidate to take over Iberojet, or even MSC...they could do well with the company and break into the Spanish Market and get the Mistral which is from the same company two of their other ships are from the former Festival Cruises! The Grand Voyageur would be an interesting addition to the MSC fleet too.

Star may take it over to gain more ships, but i dont think the Spanish market would be on their horizons!

Posts: 865 | From: Grande Prairie,Alberta | Registered: Dec 2002 | IP: Logged

bulbousbow
First Class Passenger
Member # 4440

posted 06-05-2006 02:21 AM

quote:
gpcruisedude wrote:
I would say RCCL would be a good candidate to take over Iberojet, or even MSC...they could do well with the company and break into the Spanish Market and get the Mistral which is from the same company two of their other ships are from the former Festival Cruises! The Grand Voyageur would be an interesting addition to the MSC fleet too.
Star may take it over to gain more ships, but i dont think the Spanish market would be on their horizons!

I would prefer MSC as they are European, but I don’t think they would be interested, for two main reasons: 1. MSC already has a good relationship with the Spanish market (and also a foothold in the Med): 2. MSC doesn’t usually buy out others. Also I don’t see GRAND VOYAGER in the MSC fleet. GRAND MISTRAL maybe, but she was rejected by MSC at the time of auction.

RCCL and Star would both be good candidates. Don’t discount Star, a purchase would make a good starting point for a physical entry into Europe. It would all depend on what both these companies get from buying the cruise arm of Iberojet.

******

Cheers

Posts: 6866 | From: Adelaide, Australia | Registered: Feb 2004 | IP: Logged

Waynaro
First Class Passenger
Member # 3484

posted 06-05-2006 08:42 PM

NCL is pouring money into their newbuild program and NCL America...do they have cash for another acquisation?

Posts: 6108 | From: Vallejo,CA : California Maritime Academy!!! | Registered: Nov 2002 | IP: Logged

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