Amex GBT-CWT merger's impact on the travel industry

Amex GBT's acquisition of CWT for US$570 million marks one of the largest mergers in the history of the travel industry

American Express Global Business Travel (Amex GBT) is set to acquire CWT, marking a significant consolidation in the travel management industry with a US$570 million deal. Pending approval, the merger is expected to finalize in the second half of 2024, as confirmed by both companies' boards.

Key takeaways

• Amex GBT anticipates offering customers more choices and creating shareholder value by integrating CWT into their services. The merger is projected to substantially increase revenue, with CWT expected to generate around US$850 million in revenue and US$70-80 million in adjusted earnings by 2024;
• CWT shares confidence in the merger, emphasizing the combined company's potential to lead in delivering a tech-enabled future for business travel and enhancing customer experiences;
• Corporate travel could get complicated: Expedia has a big stake in Amex Global Business Travel. Booking.com is partners with CWT. What happens to those relationships if the merger between Amex GBT and CWT goes through?

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