Royal Caribbean is selling part of its interest in its French and Spanish cruise operations for an undisclosed sum.
Royal Caribbean Cruises will retain full ownership of the vessels and aircraft operated by the two brands, which will be leased into joint venture.
Richard Fain, Chairman and chief executive, said:
"Pullmantur and CDF have a long history of offering authentic, localised cruise vacations to their home markets.
"We look forward to the new focus that this joint venture with Springwater will bring to these companies as they seek to grow.
"Given the signs of recovery we have seen in the Spanish economy, as well as increased interest in cruising from tourists in France, we think this is the right time to bring together the extensive experience of our deeply valued employees at Pullmantur and CDF with the local travel and tourism expertise of the Springwater team.
“Springwater's local management presence in Madrid, coupled with RCL's long-standing history in cruise operations, will provide the foundation for improved returns in the future."
The deal is due to be completed later this year, subject to regulatory approvals.