Steiner Leisure has signed a letter of intent to purchase Onboard Spa Company, its principal competitor in the cruise line spa market.

Steiner confirmed that it is currently in negotiations with Onboard with the view to executing a definitive purchase agreement.

In connection with any definitive agreement, it is anticipated that the principal owners of Onboard would enter into consulting and non-competition agreements with Steiner.

In a statement, Steiner also outlined that as part of the deal, certain indirect shareholders of Onboard, who had previously been involved in the shipboard spa business, are likely to be subject to non-competition agreements.

Leonard Fluxman, president and CEO of Steiner, said: "We believe that this agreement would further strengthen our relationships with the cruise line industry and we would look forward to serving on this new group of vessels once all arrangements have been finalized."

He added that the company has already begun negotiations with cruise lines served by Onboard to serve their vessels, assuming the closing of this transaction.