Carlson Wagonlit B.V., a Carlson Wagonlit Travel (CWT) group company, has been informed that Carlson, a global hospitality and travel company and owner of a 55 percent equity interest in CWT, has entered into a definitive agreement to acquire from JPMorgan Chase & Co., the 45 percent equity interest it holds in CWT. As a result of this acquisition, Carlson will own 100 percent of CWT. The transaction is expected to close in July 2014, subject to customary closing conditions.
Upon completion of this acquisition, CWT expects that JPMorgan designees, Mr. Shane Fitzpatrick and Mr. Jeff Kinder, will resign from the CWT B.V. Board. Mr. Raymond Fischer, also a JPMorgan designee, resigned from the CWT B.V. Board as of May 23, 2014. CWT also expects that in connection with the restructuring of the CWT B.V. Board and following completion of the acquisition that Carlson designees, Ms. Laura Born, Mr. Nick Shepherd and Mr. Bill Van Brunt, will resign from the CWT B.V. Board. Trudy Rautio, President and Chief Executive Officer of Carlson, will remain Chairman of the Board of CWT B.V. and the following persons are expected to be appointed to the CWT B.V. Board: Mr. Brad Hall, Executive Vice President, Chief Financial Officer and Treasurer of Carlson; and Mr. Mark Karelse and Mr. Eric van Kuik, each of whom currently serves as a Director of Carlson Wagonlit B.V.