Carlson Wagonlit Travel today announced it has completed the acquisition of a 98 percent stake in Stockholm-based travel management company Ark Travel for 67 Swedish krona (US$10.20) per share.
The offer, first announced in late October
(BTNonline, Oct. 30), was expected to double CWT's presence in Sweden, which includes the wholly owned subsidiary CWT Sverige Holdings, making it third, in terms of market share behind American Express Business Travel and HRG.
CWT executive vice president for North Europe Jan Willem Dekker said that, with the Ark integration, CWT has about 450 employees in Sweden. He also said that the company plans to announce its new Swedish management team by the end of January.
The Swedish Competition Authority approved the deal on Nov. 30, according to CWT. Following a regulatory period and the acquisition of the remaining 2 percent of shares, Ark Travel is set to delist from
Aktietorget, a Swedish market for nonlisted securities.