Shake-up sees creation of new global TMC
A major global travel management company is set to emerge following a flurry of deals which included the sale of TUI’s business travel division.
In what was described as a remarkable day for business travel, Dutch company BCD Holdings, which owns US agency WorldTravel BTI, acquired TUI’s TQ3 business and took a controlling stake in UK agency The Travel Company.
It will form a new company – as yet unnamed – to create the world’s third largest travel management firm with 10,000 employees and a turnover of $8 billion.
In related moves, TQ3 and Denver-based business travel provider Navigant will terminate their joint TQ3 Travel Solution joint venture. Navigant will retain the worldwide rights to the TQ3 brand and trademark.
BCD also revealed it will terminate its BTI joint venture with Hogg Robinson to concentrate on the new company (see separate story)
TQ3 Travel Solutions president and chief executive Marc Hildebrand described the day as “one of the most remarkable in the history of business travel.”
“It is remarkable because it will change the market place significantly,” he said. “While there have been four global companies competing against each other, there will now be three. It is good news for us. With BCD we will be merged into one company. Being under one ownership has always been our mission and objective.
“We have come to the conclusion that a partnership like the one we had is not a viable long term solution for a global TMC.
“We have gone through some painful experiences where the network has been damaged more than once. But enough is enough. We now have a structure that is solid and under one ownership.”
A new brand for the company will be revealed “in the coming weeks”, said Hildebrand.
Although the TQ3 name will disappear from the new company, he conceded that Navigant could relaunch the brand wherever it chooses.
“We have a six month transition period but under the deal with Navigant, if one of us left the network, the remaining partner would have the rights to the name.”
BCD declined to reveal how much it paid TUI for TQ3 or for The Travel Company although sources said a “low triple digit million euro” deal was reached with TUI.
TQ3 has a wholly-owned presence in 20 key markets and strategic alliances and partnerships in 20 others.
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.”
WorldTravel BTI chief executive Mike Buckman will become the global CEO of the new company.
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.”
Report by Steve Jones
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