American Express Global Business Travel (Amex GBT), operated by Global Business Travel Group, Inc., has agreed to acquire CWT, a global business travel and meetings solutions provider, for approximately €526 million. The transaction is expected to close in the second half of 2024. CWT serves 4,000 customers and is expected to generate approximately €785 million in revenues and €65 to €74 million of Adjusted EBITDA in 2024.
Paul Abbott, Amex GBT’s CEO, said: “Adding CWT to 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 travel and expense software and services, including Neo1, Neo and Egencia, and Select. These enable 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. Amex GBT’s marketplace will provide access to the industry’s most comprehensive and competitive content.
CWT CEO Patrick Andersen added: “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 combined company’s value creation.”
