• Fri. Jun 14th, 2024

Amex GBT Acquires CWT in $570 Million Deal: What This Means for the Future of Travel Management Companies

BySamantha Jones

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. This deal is expected to be 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.

Both companies’ boards of directors 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. According to Amex GBT, CWT is expected 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. He stated 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 Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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