American Express Global Business Travel acquires CWT for $570m in a Q2 2024 deal, enhancing its presence in the business travel industry.
American Express Global Business Travel (Amex GBT) is acquiring rival CWT for $570 million, expanding its client base and strengthening its position in the business travel industry. The deal is expected to close in the second half of 2024 and will provide CWT customers with access to Amex GBT's proprietary software and services for travel and expenses. Amex GBT CEO Paul Abbott 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 acquisition will be funded by a combination of stock and cash and is expected to deliver significant shareholder value through synergy opportunity and efficiency gains from the combination.
March 25, 2024
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