NEW YORK — Two of the biggest names in corporate travel are joining forces, as American Express Global Business Travel announces it is acquiring CWT in a deal worth US$570 million.

American Express Global Business Travel, better known as Amex GBT, operated by Global Business Travel Group, Inc., is a leading B2B software and services company for travel and expense. Meanwhile CWT is a global business travel and meetings solutions provider serving some 4,000 customers, and expected to generate approximately $850 million of revenues,

The acquisition is on a cash-free, debt-free basis and is expected to close in the second half of 2024, subject to regulatory approvals. Amex GBT says the transaction is projected to create greater capacity for investment in software and services, as well as what it says is significant shareholder value through $155 million of synergies.

“Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers, more opportunities for people and more value for shareholders,” said Amex GBT CEO, Paul Abbott.

CWT customers would have access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo and Egencia, in addition to Select, once the acquisition closes.

“Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. We are highly confident in the value creation of the combined company,” said CWT CEO, Patrick Andersen.