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TUI sells business travel division
TUI has sold its business travel subsidiary, TQ3 Travel Solutions Management Holding, to Dutch travel company BCD Holdings in one of several deals that have shifted the business travel landscape.
BCD, the parent of WorldTravel BTI, has also acquired UK business travel agent The Travel Company and will form a new company – said to be the world’s third largest TMC – under a new brand to be announced shortly.
Acquisition prices for both deals were not disclosed.
In a statement, TUI said the corporate sector travel is “going through a process of global consolidation” and that business travel “does not belong to its tourism core business.”
TQ3 Travel Solutions Management Holdings chief executive Mark Hildebrand said: “This move and the creation of a new company completes our mission to develop a global travel management company under one ownership. It is whjat customers have been asking for.”
WorldTravel BTI chief executive Mike Buckman, who will become the global CEO of the new company, said: “These acquisitions change the landscape of travel management and mark a new era for us, our new team members and our existing and future customers.”
The Travel Company chief executive Mike Walley said the consolidation would have an “extremely positive impact” on its services and provide customers with “a stronger global network and buying power.”
Meanwhile, BCD and Hogg Robinson, joint shareholders of BTI, have agreed to “pursue independent strategies.”
They will continue to work together to honour existing customer contracts.
Hogg Robinson will continue to trade under the BTI name everywhere except the US.
In a further move, TQ3 and Navigant, the Denver-based travel management solutions provider, have agreed to terminate their global joint agreement with immediate effect.
TQ3 Travel Solutions Management Holding will transfer its 50% stake in TQ3 Travel Solutions to Navigant who will retain the worldwide rights to the TQ3 brand name and trademark.
TQ3 Travel Solutions Management Holding and all of its subsidiaries will change their name before June and leave the TQ3 network immediately.
More to follow
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