TUI Cruises to acquire Hapag-Lloyd Cruises
TUI Group announced that it has signed an agreement to sell a 50% stake in cruise line Hapag-Lloyd Cruises to Royal Caribbean.
The partnership combines the shipbuilding, operational and digital expertise of Royal Caribbean and the strong brand and distribution power of TUI.
"Going forward Hapag-Lloyd Cruises will be part of the TUI Cruises joint venture and further support the growth of TUI Group Cruises segment. As we continue with our announced accelerated strategic growth and digital transformation initiatives, we will use the proceeds according to TUI‘s Capital Allocation framework and to strengthen the Group’s balance sheet," said in a statement of the companies.
The merger of TUI Cruises and Hapag-Lloyd Cruises under the umbrella of the joint venture is to create a leading European cruise company with a current combined fleet of twelve ships. Specifically, TUI Cruises will continue to cater to the premium German-speaking segment and Hapag-Lloyd Cruises will continue to have an exclusive presence in the luxury and expedition ship segment.
Maritime Business World