Springwater Capital, LLC entered into an agreement to acquire 51% stake in Pullmantur, S.A from Royal Caribbean Cruises Ltd. (NYSE:RCL) on May 10, 2016. Pursuant to the transaction, Springwater will also acquire 51% stake in CDF Croisieres de France, SAS, a subsidiary of Pullmantur. RCL will have a 49% stake, and retain full ownership of the ships and planes currently operated by Pullmantur, which will be leased into the joint venture. RCL will also provide marine operations services to Pullmantur and CDF through a management agreement. The deal is subject to customary closing conditions and regulatory approvals and is expected to be completed later in 2016. It is expected to result in an immaterial one-time gain, which will be excluded from RCL’s key metrics. The transaction is expected to have partially offsetting impacts on yields and expenses. The net effect on RCL’s 2016 bottom line is expected to be neutral to marginally positive. On July 22, 2016, the transaction was approved by the European Commision. Abigail Diaz-Agero y de Pineda of Comco Comunicación Integral S.L. acted as public relations advisor for Springwater. DLA Piper acted as legal advisor for Springwater Capital. Ernst & Young acted as financial advisor and due diligence provider to Springwater.