German travel and tourism company TUI said it expects the sale of its container shipping unit Hapag-Lloyd to the Albert Ballin KG consortium to close in January 2009, Dow Jones reported.
In an investor presentation on the company's Web site, TUI said it expects to realize a gain of around EUR1 billion on the EUR4.45 billion sale upon closing the deal.
In the presentation, TUI said the sale will result in a reduction of its net debt of approximately 4.5 billion.
TUI is selling 100 percent of Hapag-Lloyd to a bidding company, in which it will acquire a 33.3 percent stake, thereby keeping a controlling interest in the unit. The remaining 66.6 percent stake is to be held by Albert Ballin KG, which includes the city of Hamburg, Swiss logistics firm Kuehne Holding, banks M.M. Warburg and HSH Nordbank, and insurers Signal Iduna and Hanse Merkur.
CargonewsAsia
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