American Express Global Business Travel will acquire rival CWT for $540m after the US Department of Justice dropped its antitrust lawsuit on 29 July. The deal values CWT at $30m less than the original March 2024 agreement.
The DOJ had alleged the merger would create an oligopoly in business travel management services. The lawsuit was dismissed weeks before its September trial date, clearing the final regulatory obstacle.
The acquisition faced a bumpy approval process. The UK Competition and Markets Authority initially blocked the deal in June 2024, citing concerns about reduced choice and higher prices for large corporate clients. The CMA reversed its position in March 2025 and cleared the transaction.
“We recognise the regulatory approval process has created uncertainty for CWT customers and employees,” said Paul Abbott, Amex GBT chief executive. “We’re excited to close the transaction and welcome them to Amex GBT.”
The companies expect to generate $155m in synergies across operations in more than 140 countries. The deal combines approximately 50m shares at $7.50 per share with cash funding. CWT shareholders will own roughly 10% of the merged entity.
The prolonged regulatory review created uncertainty in the corporate travel market. Many companies extended existing contracts rather than switching providers while the merger remained in limbo.
CWT emerged from bankruptcy protection in 2020 during the pandemic travel downturn. The company serves 4,000 customers and generated approximately $850m in revenue in 2024.
The acquisition creates one of the world’s largest travel management companies, combining Europe’s biggest and third-largest players in the sector. The deal is expected to close by the end of 2025, subject to final conditions.
Both companies provide corporate travel booking, expense management, and meetings and events services to multinational businesses and government clients.
