- Travel company TUI said it had sold its Hapag-Lloyd cruise-ship asset into an equal joint venture with Royal Caribbean Cruises for an expected €700m.

The venture, to be named TUI Cruises, would be valued at €1.2bn, TUI said, adding that deal was expected to generate a 'considerable' book gain.

The deal remained subject to customary closing conditions and certain regulatory approvals, but was expected to complete in summer 2020.

TUI said the partnership combined the 'shipbuilding, operational and digital expertise' of Royal Caribbean with the 'strong brand and distribution power' of TUI.

It also said the deal was in line with its plan to deliver additional profitable growth, at a lower level of capital intensity.

At 8:02am: [LON:TUI] TUI AG share price was +12.8p at 863.6p

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