The acquisition will see CWT customers have access to GBT’s software and services for travel and expenses.
American Express Global Business Travel has announced it has entered into a definitive agreement to acquire CWT.
The transaction value of approximately US$570 million is on a cash-free, debt-free basis, and is subject to certain assumptions and purchase price adjustments, GBT noted.
It will be funded by a combination of stock and cash, and is expected to close in the second half of the year, subject to the satisfaction of certain conditions, including the receipt of certain regulatory approvals.
More details in today’s issue of Travel Daily.