All approvals including merger clearance by the EU commission have now been fulfilled.

The transaction is closed in a difficult market environment on the terms and conditions agreed.

The transfer of the individual Hapag-Lloyd Cruises vessels to the joint venture will be completed in the coming days.

In its new set-up, the Hapag-Lloyd Cruises brand will remain the leading provider of luxury and expedition cruises in German-speaking markets.

The fleet currently consists of two luxury cruise ships (MS Europa and MS Europa 2) in the five-star-plus category and three expedition cruise ships.

A further expedition cruise ship is already under construction and will be delivered in 2021, replacing MS Bremen.

TUI Cruises successfully serves the premium segment in German-speaking markets with the Mein Schiff.

The Mein Schiff fleet currently comprises seven ships.