• Fri. May 24th, 2024

Amex GBT, CWT Announce Historic Merger to Create the Largest Travel Management Company in Recent History

BySamantha Nguyen

Mar 25, 2024
Amex Global Business Travel to Acquire CWT

American Express Global Business Travel (Amex GBT) and CWT have agreed to merge in a $570 million cash and stock deal, making it one of the largest mergers of travel management companies in recent history. The deal is expected to bring more choices for customers, opportunities for employees, and value for shareholders.

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 close in the second half of 2024. 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.

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. Both companies’ boards of directors have already approved the deal. This report will be updated as more information becomes available.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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