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Amex GBT to Acquire CWT

Amex GBT will take over CWT in a deal valued at $570 million

By Todd R. Berger

4.5.24 Amex GBT and CWT will combine in a transaction announced in late March
Amex GBT and CWT will combine in a transaction announced in late March. || Photo by Konstantin Yuganov, courtesy of Adobe

American Express Global Business Travel (Amex GBT), a leading business-to-business software and services company for travel and expense, today has announced it entered into a definitive agreement to acquire CWT, a global business travel and meetings solutions provider, in a transaction that values CWT at $570 million on a cash-free, debt-free basis, subject to certain assumptions and purchase price adjustments. The transaction will be funded by a combination of stock and cash and is expected to close in the second half of this year, subject to the satisfaction of customary closing conditions including the receipt of certain regulatory approvals.

CWT serves 4,000 customers and is expected to generate approximately $850 million in revenue and $70–$80 million in adjusted earnings before interest, taxes, depreciation, and amortization this year.

Paul Abbott, Amex GBT’s CEO, says, “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.”

After the acquisition closes, CWT customers will have access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo, and Egencia, in addition to Select, which enables customers to integrate with leading technology partners. Customers would have access to the broadest portfolio of professional services, including meetings and events and consulting and sustainability solutions.

CWT CEO Patrick Andersen says, “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.”