Published on Wednesday, July 8, 2020

TUI Cruises completes purchase of Hapag-Lloyd Cruises

The TUI Group has completed the sale of its subsidiary Hapag-Lloyd Cruises to Hamburg-based TUI Cruises, which is a joint venture between TUI and Royal Caribbean created in 2008.

The transaction will see the partnership expand to the luxury and expedition cruises market.

"In light of the transaction it is anticipated the luxury and expedition fleet will grow in the coming years, as it is expected that the demand for luxury and expedition cruises will continue to grow," TUI said when it announced the sale in February.

Hapag-Lloyd's two luxury cruise ships and three expedition ships will be transferred to the joint venture in the coming days.

But the Hapag-Lloyd brand will remain in the German-speaking markets.

The enterprise value was estimated at €1.2 billion, which will be used to strengthen TUI's balance sheet.

TUI said the merger had been cleared by the European Commission.

"The transaction is closed in a difficult market environment on the terms and conditions agreed.," it said.

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