Hospitality and travel company Carlson will own 100% of CWT as a result of the acquisition.
The transaction is expected to close in July 2014, subject to customary closing conditions.
The move is not expected to affect CWT's Meetings & Events division or its UK office.
Carlson President and CEO Trudy Rautio said: "We are pleased with the momentum, growth and results realised by the management team at CWT. 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.
"We have benefitted from a long relationship with JPMorgan Chase & Co and will continue to work with them in the future."
CWT president and CEO Douglas Anderson added: "CWT remains committed to delivering the best in innovative products and technology, combined with unbeatable customer service. We have a focused strategy in place to provide what travelers and travel managers need at every stage of the travel process today and into the future, and will continue to invest to bring this vision to life with the support of the Carlson organisation."
Last week, CWT announced that Sony MD UK & Ireland, Chris Bowen, will join the company in August as senior vice president, UK & Ireland.