TUI AG has reached an agreement to sell its business travel activities, operating within its wholly owned subsidiary of TQ3 Travel Solutions Management Holding GmbHM…
TUI AG has reached an agreement to sell its business travel activities, operating within its wholly owned subsidiary of TQ3 Travel Solutions Management Holding GmbHM, to the Dutch BCD Holdings N.V. It was agreed not to disclose the purchase price.
The sale has yet to be approved by the TUI supervisory board and is also subject to necessary approvals by anti-trust authorities. The business travel market is currently going through a process of global consolidation. This provides TUI with the opportunity of placing this division, which does not belong to its tourism core business, within a future-oriented business travel management company. Promising international prospects will be opened up for the company as well as staff by the purchaser BCD Holdings N.V. Finalisation of the deal is expected in the first quarter of 2006.
Simultaneously, TQ3 and Navigant have agreed to cancel their joint venture with effect from 03 January 2006.
BCD Holdings is a private Dutch company founded in 1975 by John A. Fentener van Vlissingen, now chairman of the holding company. The company focuses its activities on the travel services sector, which are offered above all through its wholly owned subsidiary WorldTravel BTI and in Financial Management Services. 80% of the revenues are generated by business travel, with the rest coming from leisure travel and the financial services companies.
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