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Carlson doubles North American presence in $510 million deal
Carlson Wagonlit Travel (CWT) will double its size in North America with the $510 million acquisition of Navigant International.
The move will also strengthen CWT’s presence in key regional markets, the company said in a statement.
The deal means the third-largest travel management company in the US has bought the second-largest.
The Minnesota-based CWT says it will now have 8.9% of the American business travel management market, trailing only American Express at 9.9%.
Said Hubert Joly, president and CEO of CWT:
“Navigant is an important acquisition for Carlson Wagonlit that greatly strengthens our competitive position in North America and in Asia Pacific.”
Combining the two companies will save money by offsetting downward pricing pressure on booking services, he added.
Customers increasingly want online booking services but they bring in less revenue, he said.
Observers say completion of the deal makes the global travel management market more consolidated than any time in its history.
Carlson Companies has a significant hotel business, which gives it an interest in travel management as a complementary core business.
“The travel industry has been a core business of our company since the 1970s,” said Marilyn Carlson Nelson, chairman and CEO of Carlson.
“This very important transaction demonstrates our commitment to the industry and enhances our opportunity to continue serving travel clients around the world,” she added.
The transaction has been approved by the boards of both companies and is expected to close in the second half of this year.
Report by David Wilkening
David
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