Amex GBT and CWT Merger Is Completed

American Express Global Business Travel (Amex GBT) completed its acquisition of the travel management company CWT on September 2, 2025, about 18 months after the initial announcement in March 2024.

This deal represents a major consolidation within the global business travel sector, uniting two leading players.

The acquisition process faced intense regulatory scrutiny, primarily from the UK's Competition and Markets Authority (CMA) and the US Department of Justice (DOJ).

The CMA launched an investigation in June 2024 based on concerns that the merger would hurt competition. However, after reassessing CWT’s deteriorating financial condition and continuing losses, the UK regulator cleared the merger in March 2025.

The biggest obstacle came from the US DOJ, which filed an antitrust lawsuit opposing the acquisition. The DOJ argued that the merger could increase prices, stifle innovation, and diminish competition in the business travel management market. Although the matter was set for trial, the DOJ dropped the lawsuit in July 2025, allowing the transaction to close.

The combined entity plans to share more details about the acquisition's outcomes during Amex GBT’s Q3 2025 earnings call in November 2025.

For further insights, watch AltexSoft’s video explaining how the merger of Amex GBT and CWT will affect the industry, the companies involved, and the businesses that rely on them.

Photo by Toby Osborn on Unsplash