TUI Sells TQ3 Business Travel Division to Dutch BCD Hanover-Bremen

TUI AG has reached an agreement to sell its business travel activities, operating within its wholly owned subsidiary of TQ3 Travel Solutions Management Holding, 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. Completion of the deal is expected in the first quarter of 2006.

BCD Holdings is a private Dutch company that focuses its activities on the travel services sector, which are offered above all through its wholly owned subsidiary World Travel BTI and in Financial Management Services.