Palma jobs could go as travel giant seals 45 million euros deal to take over rival cruise operation

PALMA
TRAVEL giant TUI has taken over full ownership of Palma-based Island Cruises in a 45 million euros deal.
The company, which operates Thomson and First Choice holiday brands, purchased a 50 per cent stake owned by Royal Caribbean Cruises.
First Choice already held a 50 per cent interest in Island Cruises dating from before its merger with TUI UK last year. TUI was not allowed to keep its interest in Island Cruises and operate its own Thomson cruises brand. Under the terms of the deal TUI takes over Island Cruises' Island Escape ship, while the Island Star reverts back to its previous Royal Caribbean ownership.