Carlson Wagonlit to Acquire Navigant; Accor to Sell Carlson Wagonlit Interest

Minneapolis -- Carlson Wagonlit Travel, a leading corporate travel management company, today announced it will acquire Denver-based rival Navigant International, which is doing business as TQ3Navigant, in a deal worth $510 million.

In a related move, Carlson Companies and JPMorgan Chase & Co. also announced today a $465-million deal to buy French hotelier Accor Group's 50-percent interest in Carlson Wagonlit.

Carlson Companies, which at present owns half of Carlson Wagonlit, will extend its ownership to a controlling 55 percent while One Equity Partners, a private equity affiliate of JP Morgan Chase, will own the other 45 percent.

"We are extremely pleased that we have the opportunity to become the majority owner of Carlson Wagonlit Travel," said Marilyn Carlson Nelson, chairman and chief executive of Carlson Companies. "This very important transaction demonstrates our commitment to the industry and enhances our opportunity to continue serving business travel clients around the world."

The combined company of Navigant and Carlson Wagonlit will operate in more than 150 countries with approximately 22,000 employees and generate sales totaling more than $26 billion annually, according to a Carlson Wagonlit statement. The company will rank as the largest travel management company outside of North America and number two in North America, Carlson Wagonlit claimed.

Carlson Companies also owns Carlson Marketing Group, a performance improvement company; and Carlson Hotels Worldwide, whose brands include Radisson, Regent International, and Park Plaza.

Both acquisitions are expected to close later this year, pending regulatory approval.