Amex GBT buys rival CWT in $570m deal

This is a developing story which will be regularly updated as we receive more information

American Express Global Business Travel is to acquire major rival CWT in a deal worth $570 million.

Amex GBT said that the deal would provide CWT’s customers with “more choice and value”, as well as leading to “greater capacity for investment in software and services”.

Paul Abbott, Amex GBT’s CEO, said: “Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers, more opportunities for people and more value for shareholders.”

The deal will see two of the world’s largest travel management companies come together. CWT currently has 4,000 customers with expected revenue of $850 million in 2024.

Amex GBT’s acquisition of CWT will be funded by a combination of shares and cash. It is expected to close in the second half of 2024 subject to regulatory and other approvals.

CWT’s CEO Patrick Andersen added: “Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. 

“We are highly confident in the value creation of the combined company.”

More details to follow…