Tui AG has agreed to sell a 17.4% stake in container shipping line Hapag-Lloyd to Hamburg-based investor group Albert Ballin.
The German majority shareholder in Tui Travel said it retains the right to sell its remaining holding in an initial public offering.
The sale for €475 million will leave Tui AG with a 22% shareholding.
“In order to completely exit container shipping, Tui will obtain the right to call for an IPO with priority placement of the shares held by Tui any time as of end of June,” the company said.
By withdrawing from the shipping industry, Tui can focus on its tourism business and expansion in Russia, China and India, chief financial officer Horst Baier said in November.
It has long been speculated that Tui AG will use the proceeds from the sale of Hapag Lloyd to buy the remaining stake in UK-based Tui Travel which it currently does not own.
Tui postponed a planned IPO for Hapag-Lloyd last year because of turmoil in global equity markets.