Hospitality Industry

American Express Global Business Travel (Amex GBT), operated by Global Business Travel Group, Inc. (NYSE: GBTG), has announced an amendment to its merger agreement with CWT. The original agreement, signed on March 24, 2024, has undergone multiple revisions, with the latest amendment finalized on March 20, 2025. Key updates include: Revised Valuation: The transaction value has been adjusted to approximately $540 million (down from $570 million), maintaining the previously announced EBITDA multiples of 7.6x pre-synergy and 2.5x post-synergy. Stock Price Adjustment: The fixed stock price for Amex GBT shares in the transaction has increased to $7.50 per share (from $6.00), reducing the number of shares issued from 72 million to approximately 50 million. Extended Deadline: The “Drop Dead Date” for completion has been moved to December 31, 2025, allowing additional time to resolve an ongoing lawsuit filed by the U.S. Department of Justice (DOJ) seeking to block the merger. Eric J. Bock, Amex GBT’s Chief Legal Officer and Global Head of M&A, reaffirmed confidence in the deal and the company’s ability to defend its position in court. He also emphasized Amex GBT’s strong financial position, bolstered by a $300 million share buyback program. The acquisition remains subject to regulatory approvals and customary closing conditions. About Amex GBT: Amex GBT is a leading software and services company specializing in travel, expense management, and meetings & events. Operating in over 140 countries, the company delivers cost-effective and flexible travel solutions to businesses worldwide. For more information, visit amexglobalbusinesstravel.com and follow @amexgbt on LinkedIn, Instagram, and X (formerly Twitter). Source: Business Wire