The TUI Group has successfully completed the sale of its subsidiary Hapag-Lloyd Cruises to TUI Cruises, according to a press release.

Hamburg-based TUI Cruises is a joint venture between TUI and Royal Caribbean Group.

TUI had agreed to the sale in February. The enterprise value was estimated at 1.2 billion euros.

All approvals including merger clearance by the EU commission have now been fulfilled, according to TUI Group.