Royal Caribbean completed the acquisition of a 50% stake in Hapag-Lloyd from TUI for $658m.

Royal Caribbean Cruises, a cruise holding company, completed the acquisition of a 50% stake in Hapag-Lloyd Cruises, a provider of ships, yachts and travel services, from TUI, a travel and tourism company, at a $1.3bn valuation. "TUI and Royal Caribbean Cruises have developed the joint venture company on the basis of a strong partnership over the past ten years. The expansion decision is the next big step of growth for us - from a strategic and a commercial perspective,” Fritz Joussen, TUI CEO.