Amex GBT acquires CWT

American Express Global Business Travel (Amex GBT) announced today (March 25) it has entered into a definitive agreement to acquire its rival CWT, a global business travel and meetings solutions provider.

The transaction values CWT at approximately $570 million on a cash-free, debt-free basis, subject to certain assumptions and purchase price adjustments.

It will be funded by a combination of stock and cash, and is expected to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.

“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,” said Paul Abbott, Amex GBT’s CEO.

CWT serves 4,000 customers and is expected to generate approximately $850 million of revenues and between $70 million and $80 million of Adjusted EBITDA in 2024.

“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,” said Patrick Andersen CEO of CWT. “We are highly confident in the value creation of the combined company.”

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 will also have access to a broad portfolio of professional services, including meetings and events, consulting and sustainability solutions.

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