TUI Group completes sale of its subsidiary Hapag-Lloyd to TUI Cruises

   July 9, 2020 ,   Cruise Industry

TUI Group successfully completed the sale of the subsidiary company Hapag-Lloyd Cruises to TUI Cruises.

Hamburg-based TUI Cruises is a joint-venture between RCCL-Royal Caribbean Cruises Ltd and TUI AG. The company will be expanded as planned. TUI AG agreed to the sale in February 2020. The enterprise value was estimated at EUR 1.2 billion. All approvals, of which merger clearance by the EU commission have been fulfilled.

The transfer of the Hapag-Lloyd's cruise vessels to TUI is to be completed in the coming days. In the new set-up, Hapag-Lloyd remains the leading provider of luxury cruises and expedition voyages on the German market.

ms Europa cruise ship

Hapag-Lloyd's fleet currently consists of two top-luxury (5-starred) liners - Europa and Europa 2, plus 3 expedition ships. A 4th expedition ship is currently under construction and scheduled for delivery in 2021, replacing MS Bremen.