TUI reduces debt by $480 million with VTG sale
TUI AG, parent company of Hapag-Lloyd and CP Ships, said today it has closed the sale of its rail and tank container logistics business VTG to Luxembourg-based Companie Europ'enne de Wagons after receiving regulatory approval in Germany and Austria.
The purchase price was not disclosed, but TUI said it will reduce its net debt by about euros 400 million ($480 million) following the completion of the sale. TUI spent about $2.3 billion acquiring CP Ships in October.
VTG has a fleet of 45,000 railway tank cars and goods wagons and specializes in the handling of hazardous goods, with customers in the chemical, petrochemical and mineral oil industries.