The cruise market may be facing serious issues with the current pandemic, but Royal Caribbean Cruises, which acquired a two-thirds stake of Silversea Cruises in 2018, has just purchased the remaining third with 5.2 million of its common stock a deal worth approximately US $245 million.

That would assume a Silversea valuation of about US $735 million, a substantial discount to the valuation of approximately US $2 billion in July 2018, when Royal Caribbean bought its stake.

“Silversea has been a great fit for our company from the very first day,” Royal Caribbean CEO Richard Fain said in a statement.

Like the cruise industry in general, Royal Caribbean shares are down about 65% this year.

Meanwhile, Royal Caribbean Cruises Ltd (the parent company) has changed its name to Royal Caribbean Group and updated the logo to reflect the new name change.