• Tue. May 28th, 2024

Amex GBT Acquires CWT in a $570 Million Deal: Merging Two Leading Travel Management Companies to Deliver a Tech-Enabled Future

BySamantha Nguyen

Mar 25, 2024
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.

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.

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.

Both companies’ boards of directors have already approved the deal. Amex GBT expects this acquisition to strengthen its position as a leading provider of global business travel solutions, while also expanding its reach into new markets and services. The company plans to leverage its advanced technology platforms and expertise to drive growth and create value for its customers and stakeholders.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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