TUI Group completes sale of Hapag-Lloyd Cruises

TUI Group has successfully completed the previously announced sale of its subsidiary Hapag-Lloyd Cruises to TUI Cruises, a joint venture between TUI and Royal Caribbean Group.

All approvals including merger clearance by the EU commission have now been fulfilled. The transaction is closed on the terms and conditions agreed and the transfer of the individual Hapag-Lloyd Cruises vessels to the joint venture will be completed in the coming days.

The enterprise value was estimated at €1.2 billion (US$1.31 billion).