Amex GBT to acquire CWT in $570M deal

American Express Global Business Travel, a leading B2B software and services company for travel and expense, has entered into a definitive agreement to acquire CWT, a global business travel and meetings solutions provider.

The transaction values CWT at approximately $570 million on a cash-free, debt-free basis, subject to certain assumptions and purchase price adjustments. The transaction will be funded by a combination of stock and cash and is expected to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.

About CWT

CWT serves 4,000 customers and is expected to generate approximately $850 million of revenues and $70 million–$80 million of Adjusted EBITDA in 2024.

“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,” said Patrick Andersen, CEO, CWT.

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Photo: CWT CEO Patrick Andersen