CHICAGO — American Express Global Business Travel (Amex GBT) announced that it has entered into a definitive agreement to acquire CWT, a global provider of business travel and meetings solutions serving 4,000 customers in more than 130 countries.
Upon completion of the acquisition, CWT customers will have access to Amex GBT’s proprietary travel and expense management software and services, including Neo, Neo1, Egencia and Select, as well as the Amex GBT Marketplace, which offers comprehensive and competitive content. The acquisition also provides CWT customers with access to a broad portfolio of professional services, such as meetings and events, sustainability solutions and consulting.
“Integrating CWT into Amex GBT’s proven software and services model will create more choice for customers, more opportunities for people and more value for shareholders,” said Paul Abbott, CEO of Amex GBT.
Related. South Florida Ventures Acquires Newport International Boat Show
The transaction, which is expected to close in the last half of 2024 subject to regulatory approvals and closing conditions, values CWT at approximately $570 million on a cash- and debt-free basis, and the transaction will be financed through a combination of cash and stock. CWT is expected to generate approximately “$850 million in revenue and $70 million to $80 million in adjusted EBITDA in 2024,” according to Amex GBT.
“Joining forces with Amex GBT helps us accelerate our vision of a technology-driven future for business travel, where people and technology come together to deliver exceptional customer experiences. We are very confident in the value creation of the combined company,” said Patrick Andersen, CEO of CWT.
The acquisition is expected to generate shareholder value due to synergy opportunities and efficiencies that will arise from the combination, and approximately $155 million in synergies have been identified, according to Amex GBT.