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Carlson to take full ownership of Carlson Wagonlit Travel
Carlson said it will take full ownership of corporate travel agency Carlson Wagonlit Travel, following last month’s announcement of its intention to offload TGI Fridays.
Carlson will use some proceeds from the TGI Fridays sale to acquire JPMorgan Chase’s remaining 45% stake of CWT.
The sale of TGI Friday’s is expected to raise in the region of $800 million.
Carlson CEO Trudy Rautio said the company will still have additional capital to invest in its hotel business.
"CWT is a solid brand, it is global and it’s growing, and his solidifies our presence in the travel management marketplace," Rautio said.
Carlson expects both transactions to be completed by the end of July.
In 2013 CWT, which operates in over 150 countries, generated revenues of $26.9 billion.
Carlson Wagonlit Travel was formed 20 years ago with the partnership of Carlson Travel Network and Wagons-Lits, then owned by French hotel group Accor.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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