TUI sells Hapag-Lloyd Cruises to JV for 700 million euros

FRANKFURT (Reuters) - Holiday operator TUI on Friday said it would receive 700 million euros (593 million pounds) from the sale of its Hapag-Lloyd Cruises unit to its joint venture with Royal Caribbean Cruises .The deal with TUI Cruises, a 50-50 venture, values the unit at 1.2 billion euros and is expected to be completed in summer 2020."TUI and Royal Caribbean Cruises have developed the joint venture company on the basis of a strong partnership over the past 10 years," TUI CEO Fritz Joussen..