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Amex GBT acquiring CWT
American Express Global Business Travel has sealed an agreement to acquire business travel management firm CWT for $570 million.
The shares and cash deal is expected to be completed in the second half of this year.
The acquisition will bolster Amex GBT’s customer base by about 4,000 clients and boost annual revenues to $850 million.
“Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers and more value for shareholders,” said Amex GBT CEO Phil Abbott.
CWT customers will get access to Amex GBT’s travel and expenses software Neo and Egencia.
Amex GBT says the deal would lead to about $155 million in cost saving synergies.
CWT CEO Patrick Andersen said: “Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel. We are highly confident in the value creation of the combined company.”
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