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Carlson Wagonlit acquires Navigant
Carlson Wagonlit Travel is to acquire Navigant International for $510 million, doubling its size in North America.
In a related move, Carlson Companies and One Equity Partners are to buy Accor’s 50% holding in CWT for $465 million, raising Carlson Companies’ ownership of CWT to 55% and OEP’s to 45%.
CWT’s purchase of Navigant has been approved by both companies’ boards and is expected to close in the second half of 2006.
CWT claims it will become the number one travel management company outside North America and a strong number two in North America.
In the UK, Navigant has 120 employees in five locations, while CWT has around 1,000 staff in 40 centres.
CWT excecutive vice present UK Andrew Waller, said there will be “few, if any, clashes or conflicts” in the integration of the two companies in the UK, from branch level through to senior management.
“It is a very complimentary fit,” he said. “Navigant is focused on the midmarket and many of its clients have chosen a local provider against choosing one of the larger travel management companies. The only changes we will make will be to enhance the service to these clients and ensure the retention of them. We will develop these plans over the next two months.”
Navigant’s chairman and CEO Ed Adams said: “The business travel sector is experiencing a period of consolidation and aligning with the leaders of the future is the right decision for all of our stakeholders. I am confident that by combining forces with CWT, whose management I know and respect, our investors, our clients and our employees will be well served.”
Adams will pursue other opportunities after 27 years in the travel industry. Bob Griffith, Navigant’s chief financial officer and CEO, will become executive vice president within the combined company, reporting to Jack O’Neill, who will continue as COO of CWT North America.
Other key members of the CWT and Navigant management teams are expected to continue as senior executives within the combined organisation.
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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