Freedom of the Seas, one of the liners owned by Royal Caribbean cruise line. -file

Royal Caribbean Cruises Limited completed its purchase of Madrid-based cruise and tour operator Pullmantur SA, with the signing of documents closing the deal valued at about US$900 million Tuesday in Madrid.

The world's second largest cruise line, whose third quarter earnings topped US$1.6 billion, bought Pullmantur for about US$552.8 million (euro435.41 million), plus about US$347.1 million (euro273.39 million) in debt.

"The Royal Caribbean Cruises and Pullmantur partnership officially begins today and we could not be happier," said chairman and chief executive officer Richard D. Fain quoted in a company release.

"Together, we look forward to an exciting future of expanding our brands globally."

In August, Royal Caribbean put in a bid for all the company's capital stock, subject to regulatory approval which it secured last month.

Said Alfonso Lopez Perez, general manager of Pullmantur: "Our united company is well positioned to provide our guests with a variety of cruising options throughout the world."

TAKEN FROM THE FINANCIAL GLEANER, FRIDAY, NOVEMBER 17, 2006