Carnival Cruise Lines (Photo: Shutterstock.com)Magic Circle Firms Dock Into $1.3B Luxury Cruise Deal
The transaction is one of the largest in the cruise business.
February 11, 2020 at 08:02 AM
2 minute read
Magic Circle firms Freshfields Bruckhaus Deringer and Allen & Overy are acting as holiday firms TUI Group and Royal Caribbean Cruises seek to expand their TUI Cruises joint venture into the luxury and expedition cruise market.
As part of the deal, TUI will contribute its 100% subsidiary Hapag-Lloyd Cruises into TUI Cruises for $1.3 billion, in a move that will "create a leading European cruise company with a current combined fleet of twelve ships", according to a statement by the company.
Royal Caribbean Cruises has turned to long-term adviser Freshfields. New York based partner Valerie Ford Jacob and Hamburg-based partner Natascha Doll are leading the team.
Meanwhile, A&O is advising TUI on the transaction, with Hamburg-based corporate partner Helge Schäfer leading the team. The firm previously advised the holiday company on the €1.2 billion sale of its hotel booking platform Hotelbeds Group to private equity firm Cinven, with Freshfields again acting opposite.
Watson Farley & Williams advised TUI Cruises with the team led by Hamburg-based maritime partner Christian Finnern. Others in the team include tax partner Gerrit Bartsch, corporate partners Björn-Axel Dißars and Christian Ulrich Wolf and employment partner Andreas Wiegreffe.
Hapag-Lloyd Cruises is a leading provider of luxury and expedition cruises in the German-speaking markets.
TUI said the expansion will also ""attract new target audiences for luxury cruise products". The transaction is expected to close in summer 2020.
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