Tue. Jun 25th, 2024
American Express Global Business Travel to Acquire Carlson Wagonlit Travel

American Express Global Business Travel (Amex GBT) and rival travel management company CWT have announced plans to merge in a $570 million cash and stock deal, 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 Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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