Carlson has reached an agreement to acquire JPMorgan Chase’s 45 per cent share of Carlson Wagonlit Travel (CWT) for an undisclosed price.
In 2006, Accor sold its 50 per cent stake (45 per cent to JPMorgan Chase, 5 per cent to Carlson) for US$465m (£273m).
Analysts expect the transaction to close in July, giving Carlson 100 per cent ownership of the corporate travel agency.
“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,” Carlson CEO Trudy Rautio said in a statement on 23 June.
CWT generated US$26.9bn in sales last year through its wholly owned operations and joint ventures. Carlson Travel Holdings is to sell $360m in debt to partially finance the buyout, Carlson said.
CWT president and CEO Douglas Anderson added: “CWT remains committed to delivering the best in innovative products and technology, combined with unbeatable customer service.
“We have a focused strategy in place to provide what travellers and travel managers need at every stage of the travel process today and into the future, and will continue to invest to bring this vision to life with the support of the Carlson organisation.”
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