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American Express to acquire CWT

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American Express to acquire CWT
American Express Global Business Travel (Amex GBT) has entered an agreement to acquire its competitor CWT.

The sale values CWT at US$570 million.

Both Amex GBT and CWT service the corporate travel and meetings and events sectors. Both companies offer travel management platforms and event organising services.

CWT has 4,000 customers and is expected to generate US$850 million in revenue 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 Amex GBT’s CEO, Paul Abbott.

The sale is expected to be completed in the second half of 2024. According to Amex GBT, CWT’s shareholders are primarily investment funds.

“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,” said CWT CEO, Patrick Andersen.

“We are highly confident in the value creation of the combined company.”

CWT has a presence in 139 markets around the world and has serviced 17,500 events with 1,100,000 delegates through its meetings and events arm.

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