DOJ drops legal challenge to Amex GBT’s acquisition of CWT
The US Justice Department has dropped its antitrust complaint blocking Amex GBT’s proposed acquisition of CWT.
With the lawsuit dismissed, the merger is expected to be completed in the third quarter.
The legal challenge was a holdover from the previous Biden Administration.
At the time the DOJ called out the no1 market leader’s planned acquisition of the third largest TMC as bad for customer choice.
“This acquisition is the latest in a series of acquisitions by Amex GBT that will further consolidate an already consolidated market with only a handful of competitive options for travel management services,” the DOJ said in January.
The transaction is valued at about $540 million.
“We recognize the regulatory approval process has created uncertainty for CWT customers and employees. We’re excited to close the transaction and welcome them to Amex GBT,” said Amex GBT CEO Paul Abbott.
“We are pleased that the DOJ has come to this conclusion. Together we can provide a tech-enabled future for business travel,” CWT CEO, Patrick Andersen added.
The companies are targeting approximately $155 million of identified net synergies.
CWT shareholders will own about 10% of the combined company.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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