Amex Global Business Travel (GBT) has acquired business travel solutions provider CWT in a multimillion-dollar deal in expectation of a global resurgence in business travel post-Covid.
The $570 million deal will be on a cash-free, debt-free basis
The travel management company has bought up its rival for $570 million (£450.6 million) on a cash-free and debt-free basis. The transaction will be funded by a combination of stock and cash and is expected to close during the second half of this year.
“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 chief executive Paul Abbott.
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