Leading TMC TQ3 Travel Solutions has bought a 9.03% stake in its American and Canadian partner Navigant International for $19m.
The shares have been bought in several purchases over the past two months and financed by TQ3's parent company leisure giant TUI, according to a US Securities and Exchange Commission file.
According to the same file, TQ3 plans to buy up to 14.9% of Navigant. However it is possible that TQ3 is planning to buy a much higher stake in its partner.
This would be in line with TQ3's stated policy of owning its own operation in major markets.
TQ3's link with Navigant was signed in March 2004 after its previous US partner, the Maritz Travel Company was bought up by Carlson Wagonlit Travel.
Carlson had previously snapped up TQ3's French partner Protravel. TQ3 is now growing its own business in France.
Navigant, based in Denver, Colorado, is the second largest corporate travel management provider in North America according to the number of airline tickets sold. Its 13,000 clients include corporates, government bodies and the US military and it has companies in Australia and New Zealand as well as the USA and Canada.
Under the deal last March Navigant bought a 50% holding in TQ3 with the other 50% stake in TQ3 held by TUI. They operate under the TQ3 brand in 1,200 locations in 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.”
Sebastian Ebel, TUI executive board member said: “This acquisition (of the 9.03% stake) underlines our intention to further develop TQ3 Travel Solutions as one of the leading business travel providers in the world. Through its strong position in the US market, Navigant is of significant importance to the future of TQ3.”