Global Business Travel comments on CMA interim report on CWT acquisition

American Express Global Business Travel (GBTG), which is operated by Global Business Travel, has confirmed that the U.K. Competition and Markets Authority, or CMA, has published its interim report regarding Amex GBT’s proposed acquisition of CWT. The company said, “Amex GBT fundamentally disagrees with the CMA’s interim assessment that the transaction may result in a substantial lessening of competition in the UK and it will continue to work collaboratively with the CMA to demonstrate that the transaction should be approved by the CMA. The Company believes that the CMA’s interim report does not reflect the evidence presented on the highly competitive and dynamic nature of the business travel sector. Instead, the CMA has erroneously focused on a narrow segment that makes up a small fraction of business travel spend. The CMA has ignored multiple sources of evidence that show clearly that Amex GBT consistently competes for all customers, including the largest global customers, with numerous other travel management companies that operate globally. Amex GBT will respond to the interim report to correct several errors and misconceptions about how the business travel sector operates and to demonstrate that the CWT acquisition will not harm competition in the UK or elsewhere. The acquisition of CWT will create synergies and provide greater capacity for investment and innovation. It will also create more choice for customers and more efficient distribution for suppliers while maintaining a highly competitive environment for business travel services. Amex GBT will in parallel continue to work collaboratively with other regulators, including the Antitrust Division of the U.S. Department of Justice, in their review of the transaction. The Company continues to expect the transaction to close in the first quarter of 2025.”