The 2025 list of business travel mergers and acquisitions features just a few more deals than it did in 2024, but it includes a mega one—the closing of American Express Global Business Travel's purchase of CWT, joining two of the three largest travel management companies.
The year also featured additional movement in the TMC space, airlines taking stakes in other carriers and several technology moves.
Other news of note: In mid-December, reports broke that Frontier for a third time was trying to acquire the ailing Spirit Airlines, which currently is in its second bankruptcy within a year. Amex GBT and Concur in early October announced their partnership, dubbed Complete, that will include an integrated travel and expense offering. And in late November, reports broke that Amex GBT was exploring a sale, so keep your eye on the M&A space in 2026 for what is likely to be a year of highly anticipated activity.
Here's a list of mergers and acquisitions covered by BTN, BTN Europe and portfolio mate The Beat in 2025.
Travel Management Companies
Talma acquired Bay Travel
Direct Travel acquired ATPI
Globespan acquired U.S. division of Key Travel
Trip.Biz acquired Key Travel for EMEA expansion
ATG Purchased CWT's Business Operations in Germany
Amex GBT completed CWT acquisition
JTB acquired BTN parent Northstar Travel Group
Talma took a majority stake in Solutions Travel
BizAway acquired Spanish TMC Aervio
Airlines
Pegasus to acquire Czech Airlines and Smartwings
Delta, Korean Air acquired WestJet stakes
Turkish Airlines invested in Air Europa
Air France-KLM took majority stake in SAS
Lufthansa acquired stake in AirBaltic
Lufthansa completed the acquisition of ITA Airways stake
Technology
Warburg Pincus took controlling stake in Voll
UK's Abingdon Software Group bought DCS Plus
Solidea, Acquis invested in Cruising Altitude
Cerebri AI acquired Serko's InterpIX
Mastercard took minority stake in Corpay
Sabre sold Hospitality Solutions to TPG
Mondee sale cleared
American Express acquired Center
TravelPerk acquired Yokoy
Serko closed acquisition of GetThere
Partnership Travel Consulting acquired Fare Audit
Lodging
GMH acquired London-based Signature Hotels
SilverDoor and Synergy agreed to merge
Marriott acquired CitizenM
Tristan Capital partners took over EasyHotel
Mint House acquired Locale
IHG acquired Ruby
Ground
RMA acquired Delux Worldwide Transportation
Lyft acquired TBR Global Chauffeuring
Lyft acquired Freenow
Meetings
Cvent agrees to acquire ON24
Gattinoni acquired majority stake in events agency H&A
Blackstone bought remaining Cvent shares from Vista
Bizly acquired Kapow
- Rob Gill also contributed to this report.
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