Navigant International has acquired Northwestern Travel Service L.P. from Northwestern and the Noble Family Limited Partnership, according to news reports.
The company is already the second largest travel management company in the US. It paid $775,000 in cash or approximately $19.5 million in the form of a short-term promissory note, about 611,000 shares of stock.
Navitant said the Minneapolis-based Northwestern Travel recorded airline ticket and incentive meeting sales of more than $35 million in 2003. Revenues were about $40 million.
About 70% of Northwestern’s earnings are from corporate travel management, 13% from meetings and incentive operations, and 17% from leisure travel.
Northwestern was founded in 1969 by John Noble, who remained its chairman until the acquisition, according to ATWOnline.com.
Report by David Wilkening
