American Express Global Business Travel (Amex GBT) has reached agreement to buy global business travel and meetings solutions provider CWT, for around $570m.
Amex GBT is operated by Global Business Travel Group, a leading B2B software and services company for travel and expense.
The acquisition will be funded by Amex GBT through stock and cash and is expected to close during the second half of this year.
CWT serves 4,000 customers and is expected to generate approximately $850m of revenues and $70m–$80m of adjusted EBITDA in 2024.
Paul Abbott, Amex GBT’s CEO, said: “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.”
CWT chief executive Patrick Andersen said: “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.”
