• Tue. May 28th, 2024

American Express Global Business Travel to Acquire Carlson Wagonlit Travel

Byeditor

Mar 25, 2024

American Express Global Business Travel (Amex GBT) has announced plans to acquire rival travel management company CWT for $570 million in cash and stock, marking one of the largest mergers in the industry’s recent history. 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, create more opportunities for employees, and increase value for shareholders. 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.

By editor

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