Royal Caribbean Cruises Ltd, the U.S.-based vacation company, agreed to sell a majority stake in two of its cruise brands to private equity firm Springwater Capital.

The company is selling a 51 percent stake in its Pullmantur and Croisieres de France brands to the buyout firm for an undisclosed sum, the companies said in a joint statement. Royal Caribbean will retain ownership of the ships and planes operated by the brands, which cater primarily to French and Spanish tourists.

The deal is the second joint venture between the two companies. In 2014 Springwater took a stake in Royal Caribbean’s Wamos air transport, travel agency, and tour operation businesses.

Royal Caribbean and Springwater may eventually combine the shared operations and sell them in an initial public offering, Martin Gruschka, chief executive officer of Springwater, said in a telephone interview.

“We look forward to the new focus that this joint venture with Springwater will bring to these companies as they seek to grow,” Richard D. Fain, chairman and chief executive officer of Royal Caribbean, said in the statement.

The deal is expected to be completed later this year, subject to regulatory approvals.

Springwater, which is based in Madrid, has made over 30 acquisitions since its was founded in 2002. Its portfolio of more than 20 companies make about 3 billion euros ($3.4 billion) in sales, according to the statement.

©2016 Bloomberg L.P.

This article was written by Kiel Porter from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: The Pullmantur Cruises ship Sovereign is shown on the French Riviera. Maria Victoria Rodriguez / Flickr