Freshfields advises Royal Caribbean on closing of $1.3bn expansion of cruise partner-ship with TUIA multi-disciplinary team of Freshfields Bruckhaus Deringer LLP led out of New York and Hamburg has advised longstanding client Royal Caribbean Cruises Ltd. on the closing of the expansion of TUI Cruises GmbH, a 50:50 joint venture owned by Royal Caribbean Cruises and TUI AG that was established in 2008. After obtaining all requisite approvals, TUI contributed its 100 per cent subsidiary, Hapag-Lloyd Cruises, into the TUI Cruises joint venture, valuing the brand at $1.3bn. The closing of the transaction sees TUI Cruises expand into the luxury and expedition cruise segment.
Hapag-Lloyd Cruises is a leading provider of luxury and expedition cruises in German-speaking markets. Its fleet currently consists of two luxury ships within the five star plus category and three expedition cruise ships. The acquisition of the five Hapag Lloyd Cruises vessels results in TUI Cruises’ fleet expanding to twelve cruise ships.
The cross-border Freshfields team was led by partners Valerie Ford Jacob and Natascha Doll, who were supported by senior associate Olaf Ehlers, associates Sven Bolay and Panag-iota Kavvada for corporate matters, partner Jochen Dieselhorst and associate Marius Scherb for IP matters, partner Frank Montag, counsel Jennifer Mellott and associate Álvaro Puig for antitrust matters as well as partner David Beutel and principal associate Martin Rehberg for tax matters.
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