Shareholders of Arapahoe County-based business travel management company Navigant International Inc. voted to approve the company’s proposed merger with Carlson Wagonlit Travel at a shareholder meeting today.
“It’s bittersweet, obviously, for a lot of us, but I think it makes a lot of sense for the shareholders,” said Navigant chairman and chief executive Ed Adams during the meeting. Adams will leave the company after the merger and a transition period.
Navigant, which does business as TQ3Navigant, is the second-largest business travel management company in the nation.
Carlson Wagonlit, the country’s third-largest, is a subsidiary of Minneapolis-based Carlson Cos.
Navigant and Carlson Wagonlit expect the $510 million deal to close in August, pending further regulatory approvals and completion of financing for the deal. Carlson expects the combined company could generate more than $1.6 billion in annual net revenues.
Carlson Wagonlit agreed to pay $16.50 per share to acquire all of Navigant’s shares outstanding in the deal, which was announced in April.
Jose Ortiz, a Navigant shareholder from New Jersey, said he has used Carlson Wagonlit and “they always have given me excellent service.” He added that he is pleased Navigant is merging with Carlson.
Navigant has about 5,200 employees worldwide and fewer than 500 in Colorado. Adams expects the merger to result in layoffs.
Navigant weathered accounting problems in 2005. It was delisted from the Nasdaq exchange and relisted in January.
Staff writer Kelly Yamanouchi can be reached at 303-820-1488 or at kyamanouchi@denverpost.com.
