Carlson to acquire full ownership of Carlson Wagonlit Travel from JPMorgan Chase

Carlson 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. The transaction is expected to close in July 2014, subject to customary closing conditions. 

“We are very pleased with the strong momentum, growth and results realized by the management team at CWT,” said Trudy Rautio, president and chief executive officer, Carlson. “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 and aligns with our Vision 20/20 goal of delivering great results. We have benefitted by a long relationship with JPMorgan Chase & Co., and will continue to work with them in the future.” 

CWT was formed in 1994 by a union of the former Carlson Travel Network and Accor’s Wagon-Lits Travel. The companies fully merged in 1997, with Carlson and Accor as joint shareholders. In 2006, Accor elected to re-focus its business interests, and JPMorgan, through an affiliate, entered the joint venture with Carlson as a 45 percent partner. 

Douglas Anderson, president and chief executive officer of CWT commented, “Today’s announcement heralds an exciting new chapter for CWT. Carlson and CWT share the same long-term goal, which is to deliver the very best in travel management and traveler experiences globally, both now and in the future.” 

Today, 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 and a diverse client portfolio ranging from small and mid-sized companies, to government institutions and non-governmental organizations. In 2013, CWT reported $26.9 billion in sales. 

“This acquisition reaffirms Carlson’s long-standing commitment to travel and hospitality, and results in a more focused portfolio in our areas of expertise,” said Trudy. “CWT has long been a part of our family of businesses, and we eagerly anticipate the momentum of our full collaboration.”

June 22, 2014
Photo caption:
Carlson has been a shareholder in CWT since 1997. With this news, it will now own 100 percent of the global business travel and meetings management company.