Navigant International said its merger
with Carlson Wagonlit Travel is slated to take place in August.
At a special
stockholders meeting July 12, shareholders approved the deal, under
which Navigant would become a CWT subsidiary. Shareholders of
Navigant, which does business as TQ3 Navigant, would receive $16.50
per share, as the company becomes part of the privately held
CWT.
The closing is
subject to regulatory approvals, the securing of financing and the
previously announced recapitalization of CWT. The latter provision
refers to a related transaction, under which Carlson Cos. and One
Equity Partners would acquire Accors 50% stake in CWT for $465
million, upping Carlson Cos. stake in CWT to 55%.
The marriage of CWT
and Navigant would put it in the running to be No. 1 in Travel
Weeklys 2007 Power List of the largest travel agencies.
To contact
the reporter who wrote this article, send e-mail to Dennis Schaal
at [email protected].