The price Royal Caribbean will pay for its shares will equal the price paid by the financial institution to Awilhelmsen. The repurchase will be funded from Royal Caribbean's cash on hand.
RCL shares closed at $68.40 Monday, up 43 cents.
Following the sale and the repurchase, Awilhelmsen will beneficially own approximately 16% of RCL's outstanding common stock.
Royal Caribbean chairman and ceo Richard Fain said the board and management team see this as an opportunistic repurchase transaction which uses cash on hand, is accretive to per-share earnings and is beneficial to all RCL shareholders.
For Awilhelmsen's part, this gives an opportunity to diversify the company's investment portfolio while maintaining its significant position as the largest RCL shareholder, according to Awilhelmsen ceo Sigurd E. Thorvildsen.
Awilhelmsen was one of three founders of Royal Caribbean in 1968. It is a privately owned investment company established in 1939. Besides cruise, holdings currently include real estate, shipping & offshore, retail and financial investments.