Tui Group has completed the sale of subsidiary Hapag-Lloyd Cruises to Tui Cruises in a €1.2 billion transaction.
Hamburg-based Tui Cruises is a joint venture between Tui and Royal Caribbean Group that began in 2008. The deal was agreed in February, but was subject to clearance by the European Commission, which has now been given.
Tui Group said: “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 as a provider of luxury and expedition cruises in German speaking markets. Its fleet currently consists of two five-star-plus category luxury cruise ships, MS Europa and MS Europa 2, plus three expedition vessels.
A further expedition cruise ship is already under construction and will be delivered in 2021, replacing MS Bremen.
Tui Cruises serves German-speaking markets with the “Mein Schiff” fleet, which currently comprises seven ships.