TUI Group has reached an agreement to contribute its 100 per cent subsidiary Hapag-Lloyd Cruises into TUI Cruises, a 50:50 joint venture owned by TUI and Royal Caribbean Cruises.
The €1.2 billion (US$1.31 billion) transaction will bring the number of ships in TUI Cruises' combined fleet to 12.
The transaction is subject to customary closing conditions and certain regulatory approvals and is expected to be completed in the summer of 2020.