Amex Global Business Travel to Acquire CWT

Amex GBT Acquires CWT in $570 Million Merger, Set to Revolutionize Business Travel Industry

On Monday, American Express Global Business Travel (Amex GBT) announced that it had agreed to acquire rival CWT for $570 million in cash and stock. This merger is one of the largest in recent history among travel management companies. If approved by shareholders and regulatory authorities, the deal is expected to close in the second half of 2024, according to Amex GBT.

Both companies’ boards of directors have already approved the deal. Paul Abbott, CEO of Amex GBT, stated that bringing CWT onto their software and services model will provide more choices for customers, more opportunities for employees, and more value for shareholders. Amex GBT expects CWT to generate about $850 million in revenue and $70 to $80 million in adjusted earnings before interest, taxes, depreciation, and amortization in 2024.

CWT CEO Patrick Andersen expressed confidence in the value creation of the combined company. He stated that joining forces with Amex GBT will help accelerate their vision of a tech-enabled future for business travel. Andersen highlighted the importance of combining people and technology to deliver an exceptional customer experience. This report will be updated as more information becomes available.

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