Acquisition brings stake in business travel specialist to 100%
Carlson Wagonlit Travel will belong wholly to the global hospitality and travel company Carlson by next month. Carlson announced it had entered an agreement with JPMorgan Chase & Co to buy the latter’s 45% equity interest in CWT, which it holds indirectly.
The acquisition brings Carlson’s stake in the business travel and meetings management specialist to 100%.
The financial terms of the transaction were not released, but a statement by Carlson said the deal was expected to close in July 2014, subject to customary closing conditions.
“We are pleased with the momentum, growth and results realised by the management team at CWT,”
Trudy Rautio, president and CEO of Carlson, said. “This acquisition, along with our ongoing investment in Carlson Rezidor Hotel Group and its family of brands, helps solidify our long-term direction for the company.”
[photo courtesy Carlson]