TUI AG takes already announced measures to reduce capital tied up in the company. The Group has agreed to sell an 80 percent stake in its Canadian container terminal activities of the Montreal Gateway terminal, which had been acquired with the CP Ships takeover. The buyer is Morgan Stanley’s infrastructure investment group, part of the Firm’s Investment Management division.
In addition to the retained 20 percent stake, Hapag-Lloyd remains a major client of the terminal through a long-term contract. The conclusion of the transaction is expected during the first quarter. The divestment will enable TUI to reduce net debt by around 300 million euros.
With effect from the end of 2006, the Group has sold seven container ships including a container portfolio from the CP Ships fleet. The buyer is the Swedish leasing company HSH N Nordic Finance AB, a company of HSH Nordbank subsidiary DAL/AGV in Wiesbaden, Germany. HSH Nordbank will finance the deal.
The reduction of indebtedness owing to the transaction is around 320 million euros. By means of an Operate-Leasing structure the seven container ships and the container portfolio will be leased to Hapag-Lloyd in a long term agreement. In December 2006 the Group had announced it would release some of the capital tied up in the company so as to reduce its debt.
In addition to the retained 20 percent stake, Hapag-Lloyd remains a major client of the terminal through a long-term contract. The conclusion of the transaction is expected during the first quarter. The divestment will enable TUI to reduce net debt by around 300 million euros.
With effect from the end of 2006, the Group has sold seven container ships including a container portfolio from the CP Ships fleet. The buyer is the Swedish leasing company HSH N Nordic Finance AB, a company of HSH Nordbank subsidiary DAL/AGV in Wiesbaden, Germany. HSH Nordbank will finance the deal.
The reduction of indebtedness owing to the transaction is around 320 million euros. By means of an Operate-Leasing structure the seven container ships and the container portfolio will be leased to Hapag-Lloyd in a long term agreement. In December 2006 the Group had announced it would release some of the capital tied up in the company so as to reduce its debt.