Two figures are on the cheque
Royal Caribbean Group agreed to pay about $3 billion for a 50 percent stake in Sandals and Beaches Resorts. The company wrote that price as a forward EBITDA multiple of about 10 times. Morgan Stanley put in committed debt financing. Closing was left for early 2027.[1]
Royal Caribbean says it expects the transaction to be accretive to earnings next year. The release gives neither the EBITDA amount nor the interest rate on the debt. The multiple can be read on the equity cheque or on enterprise value, and the debt line that separates them is absent from the text. The accretion claim is not a cash result until the gap between the share of profit and the interest is known.[1]
Two lines at closing
The board stays under the shared leadership of Adam Stewart and Jason Liberty. Existing reservations, loyalty programmes and resort operations continue. That structure still does not say which EBITDA base the $3 billion is divided by.[1]
If the early-2027 closing documents state both the EBITDA behind the 10 times multiple and the interest rate on the Morgan Stanley financing, the accretion sentence is tested against those two figures. If the documents only repeat the multiple and leave out the interest rate, the cash bridge is still unbuilt.[1]