Navigant International — Merger or Acquisition (April 2006)
24 slides from Navigant International's merger presentation, Apr 27, 2006
Slide 1: Cautionary Statement on Forward-Looking Statements
Cautionary Statement on Forward-Looking Statements This presentation contains statements, including, among others, statements about the acquisition of Navigant by Carlson Wagonlit Travel, the timing and certainty of the transaction, the operations and financial results of the combined company after
Slide 2: Presenters
Hubert Joly Carlson Wagonlit Travel President and Chief Executive Officer Marilyn Carlson Nelson Carlson Companies Chairman and Chief Executive Officer Greg O’Hara One Equity Partners Partner Ed Adams Navigant International Chairman and Chief Executive Officer Jack O’Neill Carlson Wagonlit Travel Ch
Slide 3: A committed shareholder base
A committed shareholder base The Accor/Carlson Companies/One Equity Partners transaction announced earlier today means: Carlson and OEP will acquire Accor’s 50 percent share in CWT Upon consummation of that transaction: Carlson will become the majority shareholder in CWT and will have 55 percent of
Slide 4: CWT to acquire Navigant
CWT to acquire Navigant Transaction: approved by the boards of the two companies Acquisition price: US$ 16.50 per share. percent premium over April 26, 2006 over the closing price of US$ 13.20; 38 percent premium over average share price for the 60 days leading to April 27, 2006. Financing: committe
Slide 5: CWT to acquire Navigant
CWT to acquire Navigant 1. Doubles the size of CWT in North America • Strengthens presence in key regional markets in the US 2. Further builds CWT’s presence in Asia Pacific 3. Gives Navigant’s customers access to CWT’s global footprint and extensive capabilities 4. CWT number 1 outside of North Ame
Slide 6: Summary of the two transactions
= + CWT TQ3Navigant Summary of the two transactions Carlson Accor Carlson One Equity Partners EMEA North America Asia Pacific Latin America EMEA North America Asia Pacific Latin America 50% 50% 55% 45% Countries (1) Traffic (2) $26 USD Billion Net Revenue $1,685 USD Million Employees 22,200 (1) Whol
Slide 7: An integrated global leader
Rest of the world North America 8.7% 4.2% 1.6% 8.9% 13.4% Market share in business travel management based on wholly owned operations & JV s 7.2% 3.4% 4.2% An integrated global leader 8.8% 4.2% 9.9% 2.6% Total Transaction doubles size in North America Number 1 outside of North America The travel ind
Slide 8: A balanced mix of customers
55% A balanced mix of customers 71% 32% 35% 64% US UK Germany Spain France Share of mid-market companies in CWT’s revenue
Slide 9: A balanced geographic mix
A balanced geographic mix 1250 (1) 1742 (1) post close 3% 8% 63% 26% 7% 3% 90% 2% 8% 46% 44% Latin America Asia Pacific North America Europe, Middle East, Africa XX Revenues (USD Million) (1) Includes Wholly owned operations and JVs
Slide 10: CWT and Navigant have much in common
CWT and Navigant have much in common Experienced, industry-leading teams Business travel as core business Track record of strong client relationships Technology strategy that includes innovative, proprietary tools as well as third-party integration capabilities Financially strong
Slide 11: Key trends in business travel market
Key trends in business travel market Business travel is: A critical business requirement A growing spend category Complex to source Corporations are: Looking for service , savings , and security Consolidating travel spend Increasingly outsourcing services
Slide 12: Eight drivers for effective travel management
Security Savings Optimizing business travel is a multi-facetted under-taking 1. Drive online adoption and process optimization 2. Capture hotel spend 3. Address meetings and events 4. Optimize air spend 5. Monitor and address program leakage 6. Consolidate travel program 7. Enhance high-touch servic
Slide 13: Business travel management has evolved into a professional services business
Business travel management has evolved into a professional services business The right partner is a sophisticated, high-tech, global, professional services firm with: A focus on business travel as a specialty A global footprint, global integration, global products and local proximity Integrated on-l
Slide 14: CWT exemplifies this professional business travel management model
CWT exemplifies this professional business travel management model The high-touch assistance and security provider for travelers The most effective travel management consultant, systems integrator and business process outsourcer The leanest travel transaction processor CWT’s Mission
Slide 15: CWT's growth is evidence of the success of this model
29 58 81 36 43 43 13.7 11.2 8.8 3.0 3.5 4.2 818 1 041 1 193 492 451 352 2003 2004 2005 2003 2004 2005 *Operating Income Before Tax 2003 2004 2005 Net Revenue (USD Million) Traffic (USD Billion) OIBT* (USD Million ) CWT’s growth is evidence of the success of this professional services model
Slide 16: CWT has completed seven acquisitions in the last two years
Expedia Others CWT AMEX HRG BCD CWT has completed seven acquisitions in the last two years 2005 market share based on the 12 key markets that represent 85 % of global volume business market Maritz Corporate Travel Protravel Onboard Frantour Raiffeisen Reisen Business Travel CWT Brazil CWT Mexico Rec
Slide 17: Integration plan
Integration plan Hubert Joly will continue as President and CEO. Ed Adams will assist during the transition. He has decided that he will then pursue other opportunities. Bob Griffith, Navigant’s Chief Financial Officer and Chief Operating Officer, will take on a new role within the combined company
Slide 18: Integration plan
Integration plan Integration managed regionally, with David Moran leading overall program management North America overseen by Jack O’Neill and Bob Griffith Australia/New Zealand overseen by Berthold Trenkel, Ross Irving and Darryl Laverty “Best of both” approach to integration, consistent with prev
Slide 19: Questions?
Questions? Press * 1 to ask a question Press # to remove your question
Slide 20: Carlson Wagonlit Travel and Navigant
Carlson as Wagonlit . T@ NAVIGANT x= the way Business moves ©)
Slide 21: the way Business moves
the way Business moves ©)
Slide 22: Pro-forma numbers of combined company post close
Number of countries (1) Headcount Net revenue (USD Million) Traffic (2) (USD Billion) 22,200 5,200 17,000 1,685 1,193 2005 Pro-forma numbers of combined company post close = + (1) Wholly owned operations, JV and partners. (2) For CWT this figure includes volume from wholly owned operations, joint ve
Slide 23: CWT is producing record new sales
1282 1341 729 433 350 2004 2005 2006 Q1 Full year Awarded, Annualized New Sales (USD Million)* * Excludes retention/renewal of existing business CWT is producing record new sales
Slide 24: CWT's growth is outpacing the market
18% 47% 41% 23% 27% 38% China India Italy Australia France United States 16% 22% 0% 5% 11% 9% Source : CWT, BSP, ARC 2005 traffic growth CWT Market CWT’s growth is outpacing the market Additional Information about this Transaction In connection with the proposed merger, Navigant will file a proxy st
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