The worldwide travel management scene is undergoing seismic changes as several companies split up, re-form and acquire others.

TUI AG agreed to sell its business travel operations to BCD Holdings N.V., the Dutch parent company of World Travel BTI.

The terms of the deal, which is subject to approval by TUI's advisory board and regulatory authorites, were not disclosed.

If approved, the sale is expected to close in March. TUI's business travel activities operated within its wholly owned subsidiary, TQ3 Travel Solutions Management Holding GmbH.

At the same time, TUI and Navigant International agreed to terminate their global joint venture, which operated TQ3 Management Solutions, a global travel management company.

TUI will transfer its 50% stake in the joint venture to Navigant International, which will retain the rights to the TQ3 brand and trademark.

Meanwhile, BCD Holdings and Hogg Robinson ended their long-time joint venture, the management of Business Travel International. The two companies said they would honor their contractual obligations to existing customers. BCD took an ownership position in The Travel Company, another U.K. travel management firm, and plans to combine it with the former TQ3 operations.

Topping off the remarkable chain of events was The Travel Company's acquisition of Synergi, a network of business travel organizations with representation in 45 countries. Its original name was SRG International. The Travel Company had been a partner in the Synergi organization.

The Synergi brand will be abandoned, and the network will be called TTC Global Network.

BCD said a new brand encompassing all the businesss travel units would be unveiled shortly.

BCD said the combination of the former TQ3 holdings and The Travel company will create the third largest travel management company in the world, with $8 billion in annual sales.

For its part, Hogg Robinson is said to be considering a return to the stock market. The company went private in 2000.