Global Business Travel announces DOJ dismissal of CWT acquisition challenge

American Express Global Business Travel (GBTG) which is operated by Global Business Travel, announced that the United States Department of Justice has dismissed its complaint challenging Amex GBT’s acquisition of CWT, a global business travel and meetings solutions provider. The company said, “We expect the transaction to be highly accretive with approximately $155 million of identified net synergies. The transaction is valued at $540 million, made up of approximately 50 million shares to be issued at a fixed price of $7.50 per share, with the remaining consideration funded with cash on hand. The result will be a more diverse shareholder base, with CWT shareholders owning approximately 10% of the combined company. The transaction is now expected to close in the third quarter, subject to the satisfaction of the remaining closing conditions.”