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PARIS, March 18 (AFP) – Carlson Wagonlit Travel (CWT) said Thursday it had acquired Maritz Corporate Travel, a US company specialising in planning business trips.
CWT, in which the French hotel and services group Accor has a 50-percent stake, provided no financial details of the transaction, which must still be approved by competition authorities.
Maritz Corporate Travel, a subsidiary of the Maritz Travel Company, generates annual sales of about USD 1 billion (EUR 815 million) in the United States.
CWT, also owned by the US firm Carlson, has annual revenues of USD 10.5 billion.
CWT and Maritz Corporate Travel plan to merge their North American assets, CWT said in a statement.
It added that the arrangement does not cover the organization of congresses and other major events, which is handled by Maritz Travel Company.
© AFP
Subject: France news