MINNEAPOLIS—Carlson has entered into a definitive agreement to acquire the 45 percent equity interest that JPMorgan Chase & Co. (JPMC) holds in Carlson Wagonlit Travel (CWT), resulting in Carlson’s full ownership of CWT.
Financial terms of the transaction have not been revealed. The transaction is expected to close this July, subject to customary closing conditions.
President and CEO of Carlson, Trudy Rautio, stated: “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. We have benefited from a long relationship with JPMorgan Chase & Co. and will continue to work with them in the future.”