Carlson, a global hospitality and travel company, today announced that it has entered into a definitive agreement to acquire from JPMorgan Chase & Co. (JPMC), the 45 percent equity interest JPMC indirectly holds in Carlson Wagonlit Travel (CWT).
As a result of this acquisition, Carlson will own 100 percent of CWT. Financial terms of the transaction were not disclosed. The transaction is expected to close in July 2014, subject to customary closing conditions.
"We are pleased with the momentum, growth and results realized by the management team at CWT. 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," said Carlson President and CEO Trudy Rautio. "We have benefitted from a long relationship with JPMorgan Chase & Co. and will continue to work with them in the future."
CWT is a global leader specializing in business travel and meetings management. CWT works with clients to respond to the complexities and challenges of business travel management while addressing the needs and expectations of travelers. CWT delivers efficient and innovative solutions to optimize travel and meetings and events management by leveraging its global reach with the best people and superior service and technology.
CWT employs nearly 19,000 people worldwide spanning more than 150 countries and territories. CWT's clients include one-third of the Fortune Global 100 companies. In addition, it has a diverse client portfolio ranging from small and mid-sized companies, to government institutions and non-governmental organizations. In 2013, CWT generated traffic of $26.9 billion.
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