Germany-based TUI Group has completed the sale of its subsidiary Hapag-Lloyd Cruises to TUI Cruises, a joint venture which TUI has with Royal Caribbean.
TUI Group agreed to the sale in February for an enterprise value estimated at 1.2 billion euros.
All approvals including merger clearance by the EU commission have now been fulfilled. TUI said the transaction 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 continue to provide 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 5-star-plus category and three expedition cruise ships. Another expedition cruise ship is already under construction and will be delivered in 2021, replacing MS Bremen.
TUI Cruises successfully serves the premium segment in German-speaking markets with the “Mein Schiff”. The “Mein Schiff” fleet currently comprises seven ships.