Royal Caribbean Group is close to acquiring a majority stake in all-inclusive resort operator Sandals Resorts International in a transaction valuing the company at north of $6 billion, the Financial Times reported, citing people familiar with the matter.

According to the FT report, the cruise line would control of 20 Sandals resort properties across the Caribbean.

Members of the Stewart family would hold onto equity in the business under the terms being discussed, with Royal Caribbean taking the controlling position, the FT’s sources said.

A transaction would close out years of on-and-off attempts to sell Sandals, the FT reported. Founder Gordon “Butch” Stewart tried to offload the company two years before his 2021 death to ease estate-planning issues, but the process stalled when the pandemic hit. His death then triggered family disputes and litigation over the trusts holding portions of the estate.

The FT reported that Stewart’s third wife Cheryl, who with their children holds the largest economic interest in the family trust, has moved legally to alter its governance structure, which sits with a company where older children Adam and Jaime carry significant influence. Bankers were brought in last year to run a fresh sale process that attracted both strategic and private equity interest, according to the report.

Sandals markets itself to couples and runs the family-oriented Beaches Resorts brand alongside it.

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