TUI strengthens cruises joint venture via $767 million unit sale
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FRANKFURT (Reuters) - Holiday company TUI on Friday said it would receive 700 million euros ($767 million or £593 million) 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. About 300 million euros in additional value will be come from synergies, TUI CEO Fritz Joussen told journalists during a call, adding Hapag-Lloyd..