Hospitality and travel company Carlson - owner of Carlson Rezidor Hotel Group, parent company of Radisson - has entered into an agreement with JPMorgan Chase & Co. to acquire the 45 percent equity interest it holds in Carlson Wagonlit Travel (CWT), Carlson's business travel and meetings management business, it announced today. When the transaction closes next month, Carlson will own 100 percent of CWT.
"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," Carlson President and CEO Trudy Rautio said in a statement.
CWT employs nearly 19,000 people worldwide spanning more than 150 countries and territories. Its 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, it generated traffic of $26.9 billion.
"CWT remains committed to delivering the best in innovative products and technology, combined with unbeatable customer service," said CWT President and CEO Douglas Anderson. "We have a focused strategy in place to provide what travelers 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 organization."