Carlson, a global hospitality and travel company, announced the completion of the acquisition from JPMorgan Chase & Co. ("JPMC") for the 45 percent equity interest JPMC indirectly held in Carlson Wagonlit Travel (CWT).
"With the close of this acquisition, Carlson secures full ownership of the global leader in travel management," said Carlson President and CEO Trudy Rautio. "We have been pleased with CWT's past performance and are excited by its potential for continued growth and value creation."
Financial terms of the transaction were not disclosed.
CWT employs nearly 19,000 people worldwide spanning more than 150 countries and territories. CWT's clients include one-third of the Fortune Global 100 companies. In addition, it has a diverse client portfolio ranging from small and mid-sized companies, to government institutions and non-governmental organizations. In 2013, CWT generated traffic of $26.9 billion.