Carnival Corp. to Form Joint Venture With European Tour Operator

Carnival Corp. and TUI AG, a Germany-based tour operator, on Friday announced the signing of a letter of intent to form a joint venture company for the development, marketing and operation of two cruise brands-Carnival's AIDA Cruises and a new TUI Cruises brand-specifically to target the German-speaking holiday market. The transaction is expected to close in the first half of 2007. AIDA, the German affiliate of Costa Crociere S.p.A., currently operates four ships that target younger, more active passengers, with four additional ships under construction in Germany and scheduled for delivery between 2007 and 2010. The joint venture would also create a new TUI Cruises brand, designed to target a different segment of the German cruise market than that of the AIDA ships. A new TUI branded ship with an estimated 3,000 passenger berths is slated for delivery in spring 2010.

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