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.
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 five-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.