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Billion-Deal in the cruise business - Allen & Overy forms international cruise giant for TUI

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Schaefer Helge
Dr Helge Schäfer

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Wittgens Jonas
Dr Jonas Wittgens

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Hamburg

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Weber Heike
Dr Heike Weber

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Frankfurt am Main

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Ahrens Boerries
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Harald Klett
Harald Klett

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Frankfurt am Main

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10 February 2020

Allen & Overy has advised the listed global tourism group TUI AG (TUI) on one of the largest transactions in the cruise business.

TUI contributes its luxury cruise business bundled in Hapag-Lloyd Cruises into TUI Cruises, the Hamburg-based 50:50 joint venture between TUI and Royal Caribbean Cruises from Miami (Royal Caribbean). The transaction is valued at EUR 1.2 billion (excluding net debt). The transaction is still subject to customary closing conditions and approvals from the relevant regulatory authorities and is expected to close in summer 2020.

With the transaction, TUI and Royal Caribbean have agreed to further expand their partnership by using the proven joint venture structure of TUI Cruises also for the luxury and expedition cruise segment. The partnership combines the shipbuilding, operational and digital expertise of Royal Caribbean and the strong brand and selling power of TUI.

Hapag-Lloyd Cruises is part of TUI Group’s cruise businesses and is the leading provider of luxury and expedition cruises in German-speaking markets. Its fleet currently consists of two luxury ships within the five star plus category and three expedition cruise ships. In light of the transaction, it is possible that the luxury and expedition fleet will grow in the coming years, as it is expected that the demand for luxury and expedition cruises will continue to increase.

The Allen & Overy team was jointly led by Partner Dr Helge Schäfer and Counsel Dr Jonas Wittgens and comprised Associates Louisa Graubner and Dr Moritz Merkenich (all Corporate/M&A, Hamburg), Partner Dr Heike Weber and Associate Sven Bischoff (both Tax, Frankfurt) as well as Partner Dr Börries Ahrens and Senior Associate Dr Ioannis Thanos (both Anti-Trust, Hamburg). Partner Stephen Mathews (Corporate, London) advised on UK Capital Markets Law.

Inhouse advice was given from Marcus Beger and Mareike Ackermann (both TUI Group Legal/M&A).