February 7, 2020 / 8:14 AM / 18 days ago

TUI boosts joint venture with Royal Caribbean Cruises

FRANKFURT, Feb 7 (Reuters) - Holiday company TUI on Friday said it would bolster its cruises joint venture with Royal Caribbean Cruises by bringing in its Hapag-Lloyd Cruises unit, which is valued at 1.2 billion euros ($1.32 billion) as part of the deal.

TUI said the transaction, under which the TUI Cruises joint venture will become the new owner of the unit, would result in a considerable book gain and is expected to be completed in summer 2020. ($1 = 0.9117 euros) (Reporting by Christoph Steitz, editing by Riham Alkousaa)

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