The world’s largest cruise operator Carnival Corporation and TUI AG are to create a joint venture to market and run two cruise brands for the German market.
The existing AIDA Cruises, a Carnival brand, and a new TUI Cruises brand will target different segments of the German cruise market, according to a statement released today.
Chairman and chief executive of Costa Cruises Pier Luigi Foschi will manage the joint venture of which TUI will purchase 5% next year and aa further 20% in 2010. The proposal values AIDA at €1.9 billion including €600,000 of debt.