Germany’s tourism group TUI Group has completed the sale of its subsidiary Hapag-Lloyd Cruises to TUI Cruises, a joint venture between TUI and Royal Caribbean Group.
Agreed in February this year, the transaction is estimated at €1.2 billion.
“All approvals including merger clearance by the EU commission have now been fulfilled. The transaction is closed in a difficult market environment on the terms and conditions agreed,” the group said in a statement.
“The transfer of the individual Hapag-Lloyd Cruises vessels to the joint venture will be completed in the coming days.”
As already announced, the former TUI Group subsidiary will be integrated into the JV TUI Cruises, which has developed “very successfully” since 2008.
In its new set-up, the Hapag-Lloyd Cruises brand will continue providing luxury and expedition cruises in German-speaking markets. The fleet currently consists of two luxury cruise ships — MS Europa and MS Europa 2 — and three expedition cruise ships. A further expedition cruise ship is already under construction and will be delivered in 2021, replacing MS Bremen.
TUI Cruises also serves the German-speaking markets with the Mein Schiff fleet which currently comprises seven ships.