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PRESS RELEASE |
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WorldTravel BTI Parent BCD Holdings |
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BCD’s business travel subsidiaries, TUI’s TQ3 business travel entities, |
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| LONDON, Jan. 3, 2006 – The Travel Company is delighted to announce that WorldTravel BTI parent BCD Holdings N.V. has acquired an ownership position in its organisation. BCD Holdings also announces today that it has signed an agreement to acquire TUI’s business travel subsidiary, TQ3 Travel Solutions Management Holding GmbH (subject to regulatory approval). BCD Holdings will combine the assets of these companies with its business travel subsidiaries in North and South America and in Europe to form a new global travel management company with reach into the world’s key travel markets. The new company will operate under a single ownership and management structure and will launch a new brand shortly. After receiving regulatory approval, BCD Holdings expects to close the TUI transaction in March. (The transaction does not include any affiliates of the TQ3 Travel Solutions GmbH network or any ownership in this network). Additionally, BCD Holdings will abandon the TQ3 brand name, combine the capabilities and assets of TQ3 Travel Solutions with those of The Travel Company and wholly owned travel management subsidiaries. BCD Holdings’ new combined global company – to be named shortly – will be the third largest travel management company in the world with $8 billion in annual sales and a combined worldwide work force of 10,000. TUI’s business travel entities and The Travel Company give BCD Holdings’ new travel management company significant global reach. In the coming months, the newly named company will continue to expand its capabilities and global reach, pursuing joint ventures or other partner relationships that meet the ever-changing needs of its customers. This news follows the announcement earlier today that BTI’s joint shareholders – BCD Holdings N.V. and Hogg Robinson plc – have agreed to pursue independent strategies. “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,” said WorldTravel BTI CEO Mike Buckman, who will become the global CEO of the new company. “With the integration of these leaders in travel management, our global capabilities span five continents and we are stronger than ever.” Buckman said TQ3 and The Travel Company bring strong records of customer service that complement WorldTravel BTI’s commitment to service leadership and set the stage for a continued focus on meeting customer needs. Mike Walley, CEO of The Travel Company, comments on the recent share acquisition of his firm by BCD Holdings, saying “This consolidation will have an extremely positive impact on the services we offer our clients providing them with a much stronger global network and buying power.” In acquiring an ownership position in The Travel Company, BCD Holdings augments its global presence in the UK, where The Travel Company has significant market share. The Travel Company is a strong corporate travel management brand in the UK and, coupled with the capabilities of TUI’s business travel UK operations, will strengthen the new company’s presence in that region. In addition, The Travel Company brings a strong competency and customer base in the film and entertainment industry, which enhances WorldTravel BTI’s strong service to that segment of the travel industry. About WorldTravel BTI WorldTravel BTI is among the top three corporate travel management firms in the world. Following the closing of the TQ3 acquisition which is subject to regulatory approval, the newly named company will be comprised of more than 10,000 employees worldwide and 52 affiliate agencies in the United States. The new company will support more than $8 billion in annual sales for Fortune 500, small- and mid-sized companies. WorldTravel BTI’s global services include traditional and online corporate travel services, group travel management, meetings and incentives, leisure services for corporate travelers and consulting and corporate fulfillment services. For more information on WorldTravel BTI, visit www.WorldTravel.com. About BCD Holdings N.V. BCD Holdings N.V. is a Dutch, family-owned company, founded by John A. Fentener van Vlissingen in 1975, which focuses on the travel industry and financial services. BCD has more than 8,350 employees working in 12 countries (in North and South America, Europe and India) with sales of close to $ 5 billion in 2005. Because of the acquisitions, sales will increase to $9 billion – $10 billion and the number of employees will increase to 14,000 in 2006. |
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| Contacts: | |
| Mike Walley The Travel Company + 44 (0)1753 656856 mike.walley@thetravel.co.uk |
Michele Bibby The Travel Company +44 (0)1753 656120 michele.bibby@thetravel.co.uk |
