TUI Cruises and Hapag-Lloyd Cruises are coming together under a joint venture which will create a European cruise company with a combined fleet of twelve ships. The deal to buy Hapag-Lloyd Cruises is estimated at €1.2 billion on a debt and cash-free basis and is due to be finalised this summer, subject to necessary approvals.
TUI CEO Fritz Joussen said: “We’re changing the ownership structure behind the brand to facilitate stronger, faster and capital-light growth. At the same time, we will use the proceeds to drive TUI’s digital transformation.”
TUI said the deal will speed up its plans for expansion in the cruise sector and will allow TUI to get involved in the global cruise industry growth. Joussen added: “The ships’ identities, service, quality and customer experience will remain as individual and unique as they are today. This will create significant advantages for the Group, for our expansion and for our investments.
“The expansion decision is the next big step of growth for us – from a strategic and a commercial perspective.”
