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TUI/TQ3 acquires holding in Navigant
TQ3 Travel Solutions Management Holding GmbH, the Bremen-based business travel subsidiary of Europe’s leading holiday company TUI, has acquired on the American stock market 9.03 percent of the Navigant International Inc.
“This acquisition underlines our intention to further develop TQ3 Travel Solutions as one of the leading business travel providers in the world,” said Sebastian Ebel, member of the TUI AG executive board.
“Through its strong position in the US market, Navigant is of significant importance to the future of TQ3.” The two companies have already been working together for more than a year within the framework of a global cooperation agreement.
With its business travel companies in the USA, Australia and New Zealand, all of which trade under the global TQ3 brand, Navigant covers three of the important markets of the global TQ3 network, which today extends to over 80 countries.
Marc Hildebrand, President and CEO of TQ3 said: “It is our wish to further strengthen our relationship with Navigant in all areas of business, especially in the fields of marketing and technology, in order to create an even more attractive proposition for our broad base of customers.“
Denver-based Navigant International, Inc. is the second largest corporate travel management provider in North America based on airline tickets sold serving more than 13,000 corporate, government, military, leisure, and meetings and incentive clients. The Company currently employs more than 4,300 Associates and has operations in more than 1,000 locations in 20 countries and U.S. territories.
TQ3 Travel Solutions is the leading provider of quality, innovative travel expense management solutions to companies worldwide. With system-wide revenues in excess of $11 billion, TQ3 operates 1,200 locations in over 80 countries.
In related news, Navigant, said last week that due to the late filing of its 10-K annual report, the company has been notified of possible delisting by the staff of the Nasdaq Stock Market. Navigant said that by April 8, it will request a hearing with the Nasdaq Listing Qualifications Panel to appeal the staff’s decision. This request will stay the delisting pending the hearing and a ruling by the Nasdaq panel.
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