Saturday, February 17, 2007

Accor Sells Stake in Carlson Wagonlit Travel for $ 465 million

As part of the strategic review of its business portfolio, Accor Group has signed an agreement to sell for $ 465 million its entire 50% interest in Carlson Wagonlit Travel (CWT) to Carlson Companies and One Equity Partners LLC (OEP), a private equity affiliate of JPMorgan Chase & Co.

Accor Group and Carlson Companies had each owned a 50% interest in CWT since 1997. As part of the transaction, Accor and CWT have signed a three-year, renewable strategic partnership designed to secure preferred distribution of Accor hotels by CWT. At the same time, Accor has confirmed CWT as the Group's preferred travel agency.

Following the disposal, Carlson Companies will own 55% of CWT and OEP 45%. Among other things, the transaction is subject to regulatory approval by European and US competition authorities, expected in the next few weeks.

'This divestment,' said Gilles PĂ©lisson, 'is the first step to the refocusing on our two core businesses: hotels and services. It is perfectly aligned with the new strategic direction announced by the Group'.

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