Carlson reached an agreement to acquire JPMorgan Chase’s 45% share of Carlson Wagonlit Travel (CWT) for an undisclosed price.
After the transaction, expected to close next month, Carlson will own 100% 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 statement Monday. “We have benefitted from a long relationship with JPMorgan Chase & Co. and will continue to work with them in the future.”
CWT, which operates in more than 150 countries, generated $26.9 billion in sales last year through its wholly owned operations and joint ventures. Carlson Travel Holdings will sell $360 million in debt to “partially finance” the buyout, Carlson said.
Carlson Wagonlit Travel was formed in 1994 with the joint operations of Carlson Travel Network and Wagons-Lits, which was owned by French hotel company Accor. The companies merged three years later.
In 2006, Accor sold its 50% stake (45% to JPMorgan Chase, 5% to Carlson) for $465 million.
CWT ranked No. 4 on Travel Weekly’s 2014 Power List, behind Expedia, Priceline Group and American Express.
Follow Danny King on Twitter @dktravelweekly.