Global Business Travel Group, Inc. (NYSE:GBTG) entered into an agreement to acquire CWT US, LLC in a transaction valued at $570 million on March 24, 2024. The transaction values CWT at approximately $570 million on a cash-free and debt-free basis, implying an equity value of approximately $500 million. At closing an aggregate of approximately 72 million shares of its Class A common stock and of approximately $70 million of cash on hand.

After the acquisition closes, CWT customers would have access to Amex GBT?s proprietary software and services for travel and expense, including Neo1, Neo and Egencia, in addition to Select, which enables customers to integrate with leading technology partners. The Closing is subject to certain conditions expiration or termination of any waiting periods applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act including the receipt of certain regulatory approvals. Target and acquirer board approved the deal.

Transaction is expected to be completed in the second half of 2024. Peter D. Serating and Thaddeus P. Hartmann of Skadden, Arps, Slate, Meagher & Flom LLP acted as a legal counsel to Global Business Travel Group. Chris DeCresce, Joseph Opich, Stephen Harris, Suzanne Horne, Allison Miller, Jon Canfield, Camille Paulhac, Joseph Swanson, Jade-Alexandra Fearns, Michael Murray, Sal Perrotto, Lawrence Kaplan, Jennifer Riddle, Keith Fujiu, Gary Silber, Randall Johnston, and Timothy Dickinson of Paul Hastings LLP acted as a legal counsel to CWT US, LLC.

Moelis & Company LLC acted as financial advisor to CWT US, LLC.Morgan Stanley is providing an opinion to Amex GBT.