Monday morning, American Express Global Business Travel announced they agreed to acquire rival and competitor CQT for $570 million cash and stock. The acquisition, if agreed upon by shareholders and regulatory approval, will be a groundbreaking move in the travel management industry with this new
strategic consolidation.

CEO Paul Abbott expressed optimism, highlighting the potential to enhance offerings and create value for shareholders. Amex GBT expects CWT a revenue contribution of $850 million and $70 to $80 million in adjusted earnings before interest, taxes, depreciation, and amortization.

Patrick Andersen, CEO of CWT, echoed Abbott’s sentiments, emphasizing the shared vision for a technology-driven future in business travel, and says that they are “highly confident in the value creation of the combined company”.

Amex GBT expects the transaction to be closed in the second half of 2024, and according to Amex GBT, both companies’ boards of directors have approved the deal.