Business
American Express Global Business Travel Announces Amended Merger Agreement for CWT Acquisition
NEW YORK, March 21, 2025--American Express Global Business Travel Announces Amended Merger Agreement for CWT Acquisition
About this update from Global Business Travel Group, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":1024,"height":512,"url":"https://media.zenfs.com/en/business-wire.com/2f02c5b24474a851b59265962f012673"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/F8w1edvNlP0MuRjPOuJeNQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ4MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/2f02c5b24474a851b59265962f012673","width":960,"height":480},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/RWmaaqnl6RySE9B2WXKasg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIwNDg7aD0xMDI0O2NmPXdlYnA-/https://media.zenfs.com/en/business-wire.com/2f02c5b24474a851b59265962f012673","width":1024,"height":512}},"lazy":false},{"type":"text","content":"NEW YORK, March 21, 2025--(BUSINESS WIRE)--American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading B2B software and services company for travel, expense, and meetings & events, announced today that it has agreed with CWT to amend the existing terms of their merger agreement that was entered into on March 24, 2024 (as amended on January 17, 2025, March 17, 2025 and March 20, 2025, the "Merger Agreement").","length":536,"tagName":"p"},{"type":"text","content":"The amendment provides for, among other things:","length":47,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"A revised CWT transaction value of approximately $540 million (from $570 million originally agreed), on a cash-free, debt-free basis, subject to certain assumptions and purchase price adjustments. Based on this revised valuation, Amex GBT expects the 2024 Adjusted EBITDA multiple to remain in line with the 7.6x pre-synergy multiple and 2.5x post-synergy multiple of Adjusted EBITDA previously announced in March 2024.","length":419,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"A revised fixed stock price of $7.50 per share (from $6.00 per share initially agreed) for the shares of Amex GBT to be received as part of the consideration under the Merger Agreement. At the closing of the transaction, Amex GBT now expects to issue approximately 50 million shares of its Class A common stock (down from approximately 72 million shares) and to use cash on hand to fund the remaining t...