According to a recent announcement, American Express Global Business Travel (Amek GBT) has agreed to acquire rival Corporate Voyage Travel (CVT) for $570 million in cash and stock. This merger is expected to be one of the largest in recent history if approved by shareholders and regulators. The deal is projected to close in the second half of 2024, according to Amek GBT CEO Paul Abbott.

Both companies’ boards of directors have already approved the deal. Abbott stated that introducing CVT into their software and services model will provide more choices for customers, greater opportunities for employees, and more value for shareholders. He expects CVT to generate approximately $850 million in revenue and $70 million to $80 million in adjusted earnings before interest, taxes, depreciation, and amortization in 2024.

CVT CEO Patrick Andersen expressed his confidence in the value creation of the combined company, stating that joining forces with Amek GBT will help accelerate their vision of a technology-enabled future for business travel. He emphasized the importance of combining people and technology to deliver an exceptional customer experience. This report will be updated as more information becomes available.

By Samantha Johnson

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