Carlson Companies agreed to purchase from a JPMorgan Chase division the 45 percent stake in Carlson Wagonlit Travel that it did not already own.

The companies expect to close the deal next month. Terms were not disclosed. Carlson Wagonlit Travel formed in 1994 when Carlson Companies combined its Carlson Travel Network with Wagonlit Travel, then owned by French hotel group Accor. In 2006, JPMorgan's private investment arm One Equity Partners and Carlson acquired from Accor its 50 percent holding in CWT in a $465 million transaction. "This acquisition, along with our ongoing investment in Carlson Rezidor Hotel Group and its family of brands, helps solidify our long-term direction for the company," according to a prepared statement from Carlson president and CEO Trudy Rautio.