American Express Global Business Travel to Acquire Carlson Wagonlit Travel

Amex GBT to Acquire CWT in Major Travel Industry Merger

In a major development in the travel industry, American Express Global Business Travel (Amex GBT) has announced plans to acquire rival travel management company CWT for $570 million in cash and stock. The merger is expected to bring together two leading players in the industry and create new opportunities for customers, employees, and shareholders alike.

The deal is subject to approval from shareholders and regulatory authorities, with a targeted completion date in the second half of 2024. Both companies’ boards of directors have given their approval for the merger, which is expected to expand customer choice, increase value for shareholders and create more opportunities for employees.

Amex GBT CEO Paul Abbott highlighted the benefits of combining CWT’s services with Amex GBT’s software model, predicting that the merged company will generate approximately $850 million in revenue and $70-$80 million in adjusted earnings before interest, taxes, depreciation and amortization in 2024.

CWT CEO Patrick Andersen expressed confidence in the value creation potential of the merged entity, emphasizing the shared vision for a tech-enabled future in business travel. The combination of Amex GBT and CWT aims to leverage both human expertise and technology to provide exceptional customer experiences. Further updates on the merger will be provided as necessary.

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