TUI, which has been seeking to divest itself of Hapag-Lloyd for more than two years, will net $437.4 million in the sale of shares to the so-called Albert Ballin consortium, which in 2008 bought a majority stake in the line to keep it in German hands.
That deal left TUI with about a 43 percent share of Hapag-Lloyd, but its share had risen back to nearly 50 percent after TUI provided the container line with cash injections during the 2009 economic downturn. The sale will take the consortium's stake past 61 percent.
Hapag-Lloyd shareholders are said to be preparing an initial public offering later this year to raise more capital. As part of the deal, TUI would receive another $50 million depending on the success of the IPO, Containerisation International reported.
