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Carlson Wagonlit Travel Acquires Viajes MAPFRE
Madrid | January 25, 2008
Carlson Wagonlit Travel (CWT), the world's leading travel management company, announced today that it has acquired the assets of Viajes MAPFRE from MAPFRE, the number one insurance company in Spain and leader in non-life insurance in Latin America. The transaction encompasses business travel management, meetings and events, and leisure travel activities in Spain, with an option to acquire these activities in Latin America as well. Total sales of the newly acquired business, which will be operated under the Carlson Wagonlit Travel brand, are approximately 60 million in Spain. CWT will integrate Viajes MAPFRE employees into its organization.
Under the agreement, CWT will be the travel management company for MAPFRE in Spain for at least three years. The possibility of later servicing MAPFRE on an international basis is part of the agreement.
The acquisition will enable CWT to increase its travel management activity in Spain; increase its Meetings and Events businesses; build upon its existing travel agency network for small and medium-sized companies; and expand its leisure travel services, currently offered to employees of client companies, to the general public.
MAPFRE will become the preferred travel assistance service supplier of CWT. CWT will also promote their medical insurance to its employees in Spain.
Marino Faccini, executive vice president, CWT Spain, Mediterranean and Latin America, said, "Purchasing Viajes MAPFRE is an extension of the targeted acquisition strategy being pursued by Carlson Wagonlit Travel on a local and international basis. Thanks to the significant experience CWT has had integrating acquisitions, we are confident that the integration of Viajes MAPFRE will be successful in the eye of employees and clients alike. We also believe that the clients of Viajes MAPFRE will find great value in the global presence and offering of CWT."