Amex Global Business Travel to Acquire CWT

CWT, a rival to American Express Global Business Travel (Amex GBT), announced on Monday that it had agreed to be acquired by Amex GBT for $570 million in cash and stock. This deal is 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. The boards of directors for both companies have already approved the deal.

Amex GBT CEO Paul Abbott 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. He 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, 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. This report will be updated as more information becomes available.

By Riley Johnson

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