Hanover, 8 July 2020

TUI Group: Sale of Hapag-Lloyd Cruises to TUI Cruises completed

  • Successful transfer of Hapag-Lloyd Cruises into TUI Cruises joint venture
  • Completion of the sale as planned in February 2020

The TUI Group has successfully completed the sale of its subsidiary Hapag-Lloyd Cruises to TUI Cruises. Hamburg-based TUI Cruises is a joint venture between TUI and Royal Caribbean Group. The joint venture TUI Cruises, which has developed very successfully since 2008, will thus be expanded as planned. TUI had agreed the sale in February. The enterprise value was estimated at 1.2 billion euros.

All approvals including merger clearance by the EU commission have now been fulfilled. The transaction is 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 remain the leading provider of 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. A further 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.

About TUI Group

TUI Group is the world’s leading integrated tourism group operating in more than 100 destinations worldwide. The company is headquartered in Germany. The TUI Group’s share is listed in the FTSE 250 index and in the German open market.

In financial year 2019, TUI Group recorded turnover of around €19bn and an operating result of €893m. The Group employs more than 70,000 people worldwide. TUI offers its 28 million customers, including 21 million customers in European national companies, integrated services from a single source. It covers the entire tourism value chain under one roof. This comprises more than 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson as well as 18 cruise ships ranging from the MS Europa and MS Europa 2 luxury class vessels and expedition ships to the Mein Schiff fleet of TUI Cruises and the vessels of Marella Cruises in the UK. The Group also includes leading European tour operator brands, five airlines with 150 modern medium- and long-haul aircraft and 1,600 travel agencies. Apart from the expansion of its core business with hotels, cruises and destination activities, TUI is increasingly investing in digital platforms. The Group is transforming as a digital company.

Global responsibility for sustainable economic, ecological and social activity is a key feature of our corporate culture. TUI Care Foundation, initiated by TUI, promotes the positive effects of tourism, education and training as well as environmental and social standards with projects in 25 countries. It thus contributes to the development of the holiday destinations. TUI Care Foundation, operating around the world, initiates projects creating new opportunities for the next generation.