Tag Archives: Amex GBT

American Express Global Business Travel (“Amex GBT”) announced it entered into a definitive agreement to acquire CWT  in a transaction that 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. 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. Paul Abbott, Amex GBT’s CEO, said: “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.” After the acquisition closes, CWT customers would have access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo and Egencia, in addition to Select, which enables customers to integrate with leading technology partners. Customers would have access to the broadest portfolio of professional services, including meetings and events, consulting and sustainability solutions and Amex GBT’s marketplace would provide access to the most comprehensive and competitive content in the industry. CWT CEO Patrick Andersen said: “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. We are highly confident in the value creation of the combined company.” Significant Shareholder Value Highly attractive valuation and financial return: Based on CWT estimated 2024 Adjusted EBITDA of $70 million–$80 million and $155 million of identified synergies, Amex GBT acquiring CWT for …

Turkish Airlines has signed a deal with American Express Global Business Travel (Amex GBT) to expand its existing collaboration to a global partnership. The global carrier which has added the South America region to the new joint service area, will also become one of the airlines supported by Amex GBT at the top level, within the scope of this expanded agreement. The agreement was signed by M İlker Aycı, Chairman of the Board and Executive Committee, Turkish Airlines and Greg O’Hara, Board Chairman, Amex GBT. The collaboration is aimed to determine a common strategy on a global level and increase the cooperation between the managements of both parts at all levels. Another goal at this point is to increase the cooperation in product development and sales for ‘Marine & Offshore’, ‘Travel and Lifestyle Services’ and ‘Meeting & Events’ segments. Aycı said, “We are pleased to enter such an important business partnership with Amex GBT. With this new agreement, which was existed on a regional scale and now expanded to global, we aim to increase our market share also in the corporate travel segment and be the most preferred airline for all business travellers worldwide.”