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Carlson Wagonlit Takes Out Navigant

The acquired company is being valued at $16.50 a share.
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Carlson Wagonlit said it plans to buy fellow business-travel agency

Navigant International


for $16.50 a share, a 25% premium to the stock's last closing price.

The transaction is valued at about $510 million, including the assumption of debt. The combined company will operate in more than 150 countries and have around 22,000 employees.

Shares of Colorado-based Navigant jumped $2.85, or 21.6%, to $16.05 in heavy trading.