Who owns HAPAG-LLOYD CRUISES?

HAPAG-LLOYD CRUISES has been 100% owned by TUI CRUISES since February 2020.

At what enterprise value was HAPAG-LLOYD CRUISES acquired in 2020?

During the acquisition of HAPAG-LLOYD CRUISES by TUI CRUISES in 2020, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR.

What was the EV/EBITDA of HAPAG-LLOYD CRUISES when it was acquired by TUI CRUISES?

The estimated EV/EBITDA multiple for HAPAG-LLOYD CRUISES is in the range of 10x - 18x.

When was HAPAG-LLOYD CRUISES acquired by TUI CRUISES?

HAPAG-LLOYD CRUISES was acquired by TUI CRUISES in 2020.

What was the revenue of HAPAG-LLOYD CRUISES at the time of the deal?

The revenue of HAPAG-LLOYD CRUISES at the time of the deal is estimated to be in the range of 250M - 500M EUR.

What was the EBITDA of HAPAG-LLOYD CRUISES during the acquisition?

HAPAG-LLOYD CRUISES's EBITDA is estimated to be in the range of 50M - 100M EUR.

How is the data for the HAPAG-LLOYD CRUISES acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the HAPAG-LLOYD CRUISES deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.tuigroup.com/en/investors/financial-news/2020-02-07-tui-cruises-to-acquire-hapag-lloyd-cruises-for-an-enterprise-value-of-euro12-billion

What is the average EV/EBITDA multiple for the Retail & Consumer sector in 2026?

The average EV/EBITDA multiple for the Retail & Consumer sector in 2026 is 11.2x.

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Home Database Retail & ConsumerHAPAG-LLOYD CRUISES

02/2020

HAPAG-LLOYD CRUISES acquired by TUI CRUISES

GERMANY Hospitality & Leisure / Hospitality / Hotels & Accommodation EV 1b - 4b EUR

Context

TUI AG has reached a definitive agreement to contribute its 100% subsidiary, Hapag-Lloyd Cruises, into its TUI Cruises joint venture with Royal Caribbean Cruises. The strategic rationale for this "intra-group" merger is to expand the successful TUI Cruises joint venture model into the rapidly growing luxury and expedition segments. By integrating Hapag-Lloyd Cruises into the JV, the partners aim to leverage Royal Caribbean’s global shipbuilding and digital capabilities alongside TUI’s localized distribution strength to accelerate fleet growth. This move aligns with TUI’s broader objective of delivering profitable growth with lower capital intensity, as the joint venture structure allows for shared investment in future vessel orders. The transaction creates a comprehensive cruise platform capable of addressing diverse market needs, from premium volume cruising to ultra-luxury expedition travel, while strengthening the TUI Group’s balance sheet through significant cash proceeds intended for further digital transformation and strategic growth initiatives.

HAPAG-LLOYD CRUISES, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.2x).

-> Deep-dive in Retail & Consumer market trends

Target

Hapag-Lloyd Cruises is the premier provider of luxury and expedition cruises within the German-speaking market, operating a high-end fleet that includes 5-star-plus luxury vessels and specialized expedition ships. The company’s business model focuses on ultra-premium maritime travel, offering unique itineraries to remote destinations such as the Arctic and Antarctic, alongside traditional luxury cruising. Its value proposition is built on the highest standards of service, small-ship intimacy, and specialized nautical expertise required for expeditionary voyages. Historically part of the TUI Group, the company’s strategy involves continuous fleet modernization, recently evidenced by the delivery of industry-leading expedition vessels designed for environmental efficiency and luxury comfort. By catering to a sophisticated demographic seeking both adventure and exclusive amenities, Hapag-Lloyd Cruises maintains a dominant position in the niche luxury cruise segment, leveraging a strong brand heritage and a reputation for excellence in German maritime hospitality.

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REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HAPAG-LLOYD CRUISES by TUI CRUISES are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: tui cruises