The European Commission on Thursday authorized the takeover of the luxury cruise division of the TUI tourism group, Hapag-Lloyd, by the German company TUI Cruises, a joint venture created with Royal Caribbean, after concluding that the operation will not have a negative impact on the European economic area.
The application, submitted on May 15, was assessed using the simplified procedure applied to simpler cases. In February, TUI Cruises reported that the transaction was valued at €1.2 billion, excluding Hapag-Lloyd Cruises' net debt, and that it would provide net cash proceeds of €700 million from TUI Cruises.
Hapag-Lloyd is an ultra-luxury cruise line primarily catering to German passengers, although in recent years it has slightly opened its doors to other nationalities. The prestigious Berlitz Cruise Guide, published by Douglas Ward for the past 35 years, considers one of the line's ships, the Europa 2, to be the best in the world, followed by its predecessor, the Europa, in second place.
