Story updated Tues., Sept 2 at 2:30pm
American Express Global Business Travel has finally completed its long-running acquisition of fellow travel management company CWT—17 months after the deal was originally announced.
Amex GBT has acquired CWT in a transaction worth $540 million, which was reduced earlier this year from the original valuation of $570 million in March 2024.
The mega-merger of global TMCs had been delayed by an investigation by the UK Competition and Markets Authority, which started in June 2024 before the deal was eventually given the green light by the CMA in March 2025. The final major hurdle to the acquisition was an antitrust lawsuit filed by the US Department of Justice, which had been due to go to trial in September before the case was suddenly dropped by the DOJ in July.
During Amex GBT’s second quarter results presentation last month, Amex GBT CEO Paul Abbott said he was unable to provide any details on CWT’s financial performance until the deal closed. But Abbott was "very confident" that Amex GBT could achieve the original estimate of $155 million in synergies within three years following the acquisition. The TMC added that it would provide details on the financial impact of the CWT acquisition when it publishes its Q3 results in November.
Industry consultants have projected an increase in request-for-proposal activity in the wake of the consolidation, and Flight Centre Travel Group last week said FCM "is already seeing increased RFP activity and interest" amid the TMC landscape shift. Abbott in a statement said Amex GBT is ready for "the start of an exciting relationship with CWT."
"We will listen, build trust and deliver the choice, value and service they expect," he said. "This acquisition will generate greater investment capacity for our software and services and is expected to create significant shareholder value through efficiency gains."
Amex GBT said that CWT’s customers would now gain access to its platforms, including Neo and Egencia, as well as Select, which integrates with technology suppliers.
ATG Completes CWT Germany Operations Acquisition
Just prior to Amex GBT's announcement, Netherlands-based TMC ATG Travel Worldwide announced that it has completed its acquisition of CWT's business travel operations in Germany. That deal, announced last month, sets up CWT's Germany operations as an autonomous division of ATG, called ATG Business Travel Management GMBH, and was a separate transaction from the Amex GBT acquisition. ATG already had a subsidiary operating in Germany, which will continue to operate separately, and the addition of CWT's business triples its presence in the country.
"Our goal is to ensure continuity for our employees and customers, maintaining the trusted relationships and results our customers depend on, while enhancing them with ATG’s people-first focus, innovation, and high-touch service," ATG Travel Worldwide president Torsten Krings said in a statement.