Amex Global Business Travel to Acquire CWT

American Express Global Business Travel (Amex GBT) and CWT, two of the largest travel management companies in the world, have announced a merger agreement worth $570 million in cash and stock. If approved by shareholders and regulatory authorities, the deal is expected to close in the second half of 2024.

According to Amex GBT CEO Paul Abbott, bringing CWT onto their software and services model will provide more choices for customers, more opportunities for employees, and more value for shareholders. He stated that this acquisition will help Amex GBT to expand its product offerings and grow its customer base.

CWT CEO Patrick Andersen expressed his 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.

The two companies’ boards of directors have already approved the deal, which is expected to generate about $850 million in revenue and $70 to $80 million in adjusted earnings before interest, taxes, depreciation, and amortization in 2024. This report will be updated as more information becomes available.

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