The TUI Group has completed the sale of its subsidiary Hapag-Lloyd Cruises to TUI Cruises after agreeing to the sale in February this year.
Hamburg-based TUI Cruises is a joint venture between TUI and Royal Caribbean Group. The joint venture TUI Cruises, which has developed successfully since 2008, will now be expanded as planned. The enterprise value was estimated at 1.2 billion euros.
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 transfer of the individual Hapag-Lloyd Cruises vessels to the joint venture will be completed in the coming days.
In its new set-up, the Hapag-Lloyd Cruises brand will remain the leading provider of luxury and expedition cruises in German-speaking markets. The fleet currently consists of two luxury cruise ships (MS Europa and MS Europa 2) in the five-star-plus category 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 premium segment in German-speaking markets with the Mein Schiff brand which currently comprises seven ships.
Lead image: Europa 2 © Hapag-Lloyd Cruises