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Amex Global Business Travel to Acquire CWT

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, making it one of the largest mergers of travel management companies in recent history. If approved by shareholders and regulatory authorities, the deal is expected to close in the second half of 2024, according to Amex GBT.

CWT CEO Patrick Andersen expressed confidence in the value creation of the combined company, stating 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.

If approved by shareholders and regulatory authorities, the deal 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. The combination will provide more choices for customers, more opportunities for employees, and more value for shareholders.

Amex GBT CEO Paul Abbott stated that bringing CWT onto their software and services model will help them deliver even better solutions to their clients. Abbott emphasized that this acquisition is a significant step forward in achieving their goal of becoming a leading provider of corporate travel solutions globally. This report will be updated as more information becomes available.

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