Amex GBT Buying Travel Solutions Provider CWT For $570 Million

By Amit Chowdhry • Mar 25, 2024

American Express Global Business Travel, operated by Global Business Travel Group (a leading B2B software and services company for travel and expense), announced it entered into a definitive agreement to acquire CWT, a global business travel and meetings solutions provider. The deal values CWT at about $570 million on a cash-free, debt-free basis, subject to purchase price adjustments.

This deal will be funded by a combination of stock/cash and is expected to close in the second half of 2024, subject to the satisfaction of customary closing conditions – which includes the receipt of certain regulatory approvals.

CWT serves 4,000 customers and it is expected to generate about $850 million in revenues and $70 million to $80 million of adjusted EBITDA this year.

After the deal closes, CWT customers would have access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo, Egencia, and Select, enabling customers to integrate with leading technology partners. Customers would have access to the broadest portfolio of professional services, including meetings and events, consulting, and sustainability solutions. Amex GBT’s marketplace would provide access to the industry’s most comprehensive and competitive content.

At the deal’s closing, Amex GBT expects to issue approximately 71.7 million shares of its common stock at a fixed price of $6 per share and use cash to retire CWT debt and pay the remaining transaction consideration. Both the company boards of directors have approved the transaction, expected to be completed in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.


“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.”

– Paul Abbott, Amex GBT’s CEO

“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.”

– CWT CEO Patrick Andersen