Amex GBT seals $540m CWT deal, finishing a deal that revolutionizes the international business travel world after a long wait for regulatory clearance. The merger brings together two of the largest travel management agencies and gives them a stronger platform to deliver technology-driven services.
Amex GBT seals $540m CWT deal after 17-month wait.
Amex GBT completed $540m CWT acquisition, concluding a process that had been started in March 2024. The initial estimate of $570 million was reduced earlier this year to $540 million, cash-free, debt-free.
The long-running deal had been held up due to regulatory competition scrutiny. The UK Competition and Markets Authority opened a probe in June 2024 before clearing the deal in March 2025. The U.S. Justice Department also opened an antitrust case, which was later dropped in July. 
The UK CMA and U.S. DOJ reviewed the deal before granting approval in 2025.
American Express Global Business Travel acquires CWT and strengthens its market position.
American Express Global Business Travel purchases CWT to strengthen its role as Europe’s leading travel management company. Amex GBT was in the lead with €10.21 billion worth of European bookings in 2025, trailed by CWT in third place at €4 billion.
Paul Abbott, Amex GBT CEO, said: “Today marks the start of a new, exciting partnership with CWT customers. We will listen, trust, and deliver the choice, value, and service they deserve.”
Paul Abbott, CEO of Amex GBT, welcomes CWT customers into the company’s platform.
CWT acquisition is complete in 2025 with customer integration
CWT acquisition complete by 2025 means that CWT’s customers now get to enjoy the same platforms of Amex GBT, namely Neo, Egencia, and Select. These contain upgraded booking, technology partner integration, and real-time travel management features.
Amex GBT confirmed that customers will also get to benefit from its larger array of professional services, ranging from meetings to consulting and sustainability-driven solutions. The integration also opens the door to its business travel marketplace, offering competitive content in a number of markets.
Amex GBT CWT merger to deliver $155m synergies.
The Amex GBT CWT merger will generate $155 million of annual run-rate synergies by the third year. Abbott reaffirmed confidence that the combined organisation would be capable of realising this initial goal once operationally integrated.
While presenting Amex GBT’s Q2 results, Abbott stated that he would not disclose CWT’s finances before the acquisition is finalized. He stated that he was “very confident” that the merger would create shareholder value through cost synergies and investment opportunities.
Operational performance after Amex GBT completes $540m CWT deal
Amex GBT achieved a 21% Adjusted EBITDA margin in Q2 2025, reflecting sound cost control. The business is guiding for a full-year Adjusted EBITDA of $505 million to $540 million, driven by greater operational efficiency.
The integration process includes the streamlining of duplicative systems and the rationalization of distribution networks. Enhanced logistics is anticipated to reduce the costs of transactions and expand service reach in 140 countries where the combined business has a presence.
American Express Global Business Travel acquires CWT to expand worldwide.
American Express Global Business Travel acquires CWT to increase geographic scale and further technological capabilities. The combined business now provides clients across various industry verticals with advanced booking and expense solutions powered by AI-driven analytics.
The combined company expands service delivery across 140 countries.
CWT clients join Amex GBT’s broader portfolio of event management and sustainability offerings. The increased reach further strengthens the firm’s presence in hybrid events and digital travel services.
Financial outlook after the CWT acquisition is complete in 2025
Following the CWT acquisition completion in 2025, Amex GBT will update full-year guidance on its November Q3 earnings call. The company expects to provide data on financial performance and the integration’s effect on revenue growth.
Free Cash Flow is also projected at $140 million to $160 million for 2025. An additional $300 million share repurchase authorization has been announced, showing robust capital deployment and a shareholder return strategy.
Market view after the Amex GBT CWT merger
The Amex GBT CWT merger reshapes competition in the global travel management sector. Through the integration of CWT’s worldwide presence and Amex GBT’s technology platforms, the company will offer scalable and tailored services to corporate clients.
With 95% customer retention and added service capacity, the combined entity is poised to continue growth in a splintered B2B travel environment. Lifting regulatory ambiguity allows the company to focus on execution and delivery of service to its global customer base.
FAQs:
- What is the Amex GBT CWT acquisition about?
Amex GBT acquired CWT in a $540 million deal to strengthen its position as a leading global business travel management company. - When was the Amex GBT CWT deal completed?
The acquisition was finalized in September 2025, after a 17-month regulatory review. - Why was the acquisition delayed?
The deal was delayed due to investigations by the UK Competition and Markets Authority (CMA) and a U.S. Department of Justice antitrust lawsuit, which was later withdrawn. - How much was the acquisition worth?
Originally valued at $570 million, the final purchase price was revised to $540 million on a cash-free, debt-free basis. - What does the acquisition mean for CWT customers?
CWT clients gain access to Amex GBT’s technology platforms, including Neo, Egencia, and Select, along with expanded services in meetings, consulting, and sustainability. - What synergies are expected from the merger?
Amex GBT projects $155 million in annual run-rate synergies within three years through operational consolidation and cost efficiencies. - How will this deal affect the global travel management market?
The merger consolidates two of the largest travel management firms, reshaping competition and expanding Amex GBT’s market share globally. - What was Amex GBT’s financial performance before the deal?
In Q2 2025, Amex GBT reported a 21% Adjusted EBITDA margin and projected full-year EBITDA between $505 million and $540 million. - How will the integration of CWT be managed?
The integration includes consolidating overlapping systems, optimizing distribution networks, and expanding service delivery across 140 countries. - What is the long-term outlook for Amex GBT after acquiring CWT?
With a 95% customer retention rate and expanded global reach, Amex GBT expects stronger revenue growth, enhanced technology offerings, and improved shareholder returns.
