Royal Caribbean Cruises Ltd. said it agreed to buy a majority stake in the privately owned Silversea Cruises Ltd. for about $1 billion, adding luxury and expedition cruises to its portfolio.

The Miami-based operator will acquire 66.7% of the target based on an enterprise value of about $2 billion. Silversea Chairman Manfredi Lefebvre D'Ovidio is also entitled to an estimated contingent consideration of about 472,000 Royal Caribbean shares, which is payable if certain 2019 to 2020 performance metrics are met.

Royal Caribbean said it will finance the purchase through debt.

Perella Weinberg Partners LP was financial adviser to Royal Caribbean, and Skadden Arps Slate Meagher & Flom LLP served as legal counsel. Barclays PLC was financial adviser to D'Ovidio; Morgan Lewis & Bockius LLP provided counsel.