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American Express Global Business Travel Agrees To Acquire Egencia

American express global business travel agrees to acquire egencia from expedia group.

London, UK; Seattle, Wash – May 4, 2021 American Express Global Business Travel (GBT) has made a binding offer to acquire Egencia, Expedia Group’s corporate travel arm. As part of the transaction, Expedia Group would become a shareholder in, and enter a long-term strategic commercial agreement with, GBT.

The deal would bring Egencia, a leading digital travel management company, into the GBT family. GBT would continue to invest in the Egencia brand, its people and technology, as part of the world’s leading business travel platform.

Paul Abbott, GBT’s CEO, said: “Our strategy is to provide customers with unparalleled choice by having the best solutions for each managed travel segment that we serve. In Egencia, we would welcome the industry’s leading digital business travel platform.

“Egencia would be strengthened by GBT’s complementary technology, enterprise capabilities and cutting-edge content. This would create new opportunities for both multinational and small and medium-sized enterprise (SME) clients, suppliers and the talented teams within both organizations.”

Together, GBT and Egencia would offer comprehensive technology and customer solutions across every segment of business travel. Teaming Egencia with GBT’s Supply MarketPlace, one of the most comprehensive sources for content and experiences for business travelers, would give customers more choice and suppliers more access to business customers.

Meanwhile, with both the Egencia platform and GBT’s Neo Technology Group, the business would be positioned to build the best solutions for the future of business travel.

President of Expedia Business Services Ariane Gorin said: “We are thrilled by the potential transaction and what GBT and Egencia could achieve together, as Expedia Group seeks to simplify our business and be a leader in all of our endeavours. The combination of GBT’s leading solutions with Egencia’s great technology and team would help create the world’s best business travel offerings for customers and suppliers.

“At the same time, a greatly expanded, long-term accommodations supply agreement with Expedia Partner Solutions (EPS) would enhance GBT’s Supply MarketPlace and meaningfully further Expedia Group’s aim of empowering businesses across the entire eco-system.

“Expedia Group strongly believes in the robust return of travel, including in the corporate space. We’re excited about our potential ownership in GBT and our long-term arrangement to empower Egencia and GBT, as we do for thousands of other travel companies,” Gorin added.

The proposed deal is subject to consultation by Expedia Group and Egencia with their applicable employee representatives, as well as customary closing conditions including regulatory approvals.

Media contacts:

American Express Global Business KWT Global [email protected] +1 929-358-4068

Expedia Group [email protected]

About American Express Global Business Travel

American Express Global Business Travel (GBT) is the world’s leading business partner for managed travel. We help companies and their employees prosper by making sure travellers are present where and when it matters. We keep global business moving with the powerful backing of travel professionals in more than 140 countries. Companies of all sizes, and in all places, rely on GBT to provide travel management services, organise meetings and events, and deliver business travel consulting. Visit amexglobalbusinesstravel.com for more information about GBT, and follow @amexgbt on Twitter , LinkedIn and Instagram .

About Expedia Group

Expedia Group, Inc. (NASDAQ: EXPE) companies power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. The Expedia Group family of brands includes: Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, Egencia®, trivago®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, Expedia Local Expert®, CarRentals.com™, and Expedia Cruises™.

© 2021 Expedia, Inc., an Expedia Group company. All rights reserved. Trademarks and logos are the property of their respective owners. CST: 2029030-50

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Global Business Travel Group to acquire CWT for $570M

A merican Express Global Business Travel signed a definitive agreement to acquire CWT, valuing the global business travel and meetings solutions provider at about $570M on a cash-free, debt-free basis, said Global Business Travel ( NYSE: GBTG ) on Monday.

At the closing of the transaction, Amex GTB expects to issue about 71.7 million shares at a fixed price of $6.00 per share and to use cash on hand to fund the retirement of CWT debt and the remaining transaction consideration.

The acquisition was expected to break break-even to earnings per share in the first year of transaction close and accretive thereafter.

The deal would give CWT customers access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo, and Egencia, in addition to Select.

CWT serves 4,000 customers and is expected to generate approximately $850 million in revenues and $70 million–$80 million of Adjusted EBITDA in 2024, the company added.

The transaction is expected to close in the second half of 2024. GBTG shares were 5% higher in premarket trading. 

• Source: Press Release

More on Global Business Travel Group

• Global Business Travel Group, Inc. (GBTG) Q4 2023 Earnings Call Transcript
• Global Business Travel Group GAAP EPS of -$0.30 misses by $0.08, revenue of $2.29B beats by $10M
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Global Business Travel: Amex GBT To Buy CWT In $570 Mln Deal

(RTTNews) - B2B software and services company Global Business Travel Group, Inc. (GBTG) announced Monday that its American Express Global Business Travel or Amex GBT has entered into a definitive agreement to acquire CWT, a business travel and meetings solutions provider, in a transaction valued at around $570 million on a cash-free, debt-free basis.

The acquisition is expected to be break-even to earnings per share in the first year of transaction close and accretive thereafter.

The deal is expected to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.

The purchase price is subject to certain assumptions and purchase price adjustments, and the deal will be funded by a combination of stock and cash.

At the closing of the transaction, Amex GBT expects to issue approximately 71.7 million shares of its common stock at a fixed price of $6.00 per share and to use cash on hand to fund the retirement of CWT debt and the remaining transaction consideration.

With the deal, Amex GBT has identified around $155 million of annual run-rate synergies within three years, with approximately 35% expected to be realized in 2025.

CWT, which serves 4,000 customers, is expected to generate around $850 million of revenues and $70 million-$80 million of Adjusted EBITDA in 2024.

Following the deal closure, CWT customers would have access to Amex GBT's proprietary software and services for travel and expense, including Neo1, Neo and Egencia. This is in addition to Select, which enables customers to integrate with technology partners.

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Global Business Travel Group to acquire CWT for $570M

ArtistGNDphotography/E+ via Getty Images

American Express Global Business Travel signed a definitive agreement to acquire CWT, valuing the global business travel and meetings solutions provider at about $570M on a cash-free, debt-free basis, said Global Business Travel ( NYSE: GBTG ) on Monday.

At the closing of the transaction, Amex GBT expects to issue about 71.7 million shares at a fixed price of $6.00 per share and to use cash on hand to fund the retirement of CWT debt and the remaining transaction consideration.

The acquisition was expected to be break-even to earnings per share in the first year of transaction close and accretive thereafter.

The deal would give CWT customers access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo, and Egencia, in addition to Select.

CWT serves 4,000 customers and is expected to generate approximately $850 million in revenues and $70 million–$80 million of Adjusted EBITDA in 2024, the company added.

The transaction is expected to close in the second half of 2024. GBTG shares were 5% higher in premarket trading.

• Source: Press Release

More on Global Business Travel Group

• Global Business Travel Group, Inc. (GBTG) Q4 2023 Earnings Call Transcript
• Global Business Travel Group GAAP EPS of -$0.30 misses by $0.08, revenue of $2.29B beats by $10M
• Seeking Alpha’s Quant Rating on Global Business Travel Group
• Historical earnings data for Global Business Travel Group
• Financial information for Global Business Travel Group

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Amex GBT Agrees to Acquire Carlson Wagonlit Travel for $570 Million

Photo: Amex GBT 

American Express Global Business Travel (Amex GBT) is acquiring corporate travel agency Carlson Wagonlit Travel (CWT), for $570 million, marking a new chapter for one of the industry’s longtime corporate giants.

The deal is expected to close sometime in the second half of 2024. The transaction will be funded by a combination of stock and cash.

CWT, which says it serves 4,000 global customers, has been undergoing major changes in recent years, including taking on new equity owners in 2021. As recently as November, CWT underwent some balance sheet recapitalization aimed at deleveraging its balance sheet and strengthening its financial position. At that time, CWT said it had a “strong financial foundation and capital structure.”

In Monday’s announcement, CWT said that moving under Amex GBT will help its long-term vision and that it was “confident” in the future of the company.

“Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. We are highly confident in the value creation of the combined company,” CWT CEO Patrick Andersen said.

It also said that, when the deal closes, its clients would have access to Amex GBT’s proprietary software, including programs like Neo1, Neo, and Egencia, and Amex GBT’s professional services.

TMR reached out to CWT to ask about the evolution of the CWT brand when the company does move under Amex GBT, and whether or not the CWT will remain. A spokesperson told TMR that "it’s very early in the process to discuss CWT as a brand. We are all proud of the name we have built in the marketplace and our ancestry. Today, we remain CWT."

Amex GBT’s CEO Paul Abbot said on Monday that bringing CWT under the Amex banner will “create more choice for customers, more opportunities for people, and more value for shareholders.”

CWT traces its roots back to 1872 when a Belgian innovator Georges Nagelmackers, who went on to create the Orient Express, founded Wagons-Lits, which means "sleeping cars."

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Amex Global Business Travel Sees Big Gains From Tech Customers

Dennis Schaal , Skift

May 7th, 2024 at 4:52 PM EDT

Big companies are on the move again, but the business travel growth engine — small- to medium-sized businesses — took a step back because of high interest rates and inflation.

Dennis Schaal

Much of the discussion about business travel revolves around large corporations that have strict managed-travel policies. They require employees to book trips through sanctioned tools and at hotels and airlines that give corporations volume discounts.

In the first quarter, those corporations delivered significant gains for American Express Global Business Travel, the world’s largest travel-management company.

AmexGBT saw strength in transactions from global multinational corporations — tech companies in particular, with 30% growth. Other sectors turned in double-digit growth too, including pharmaceuticals, mining, energy and utilities.

But there was a downside: Small- to medium-sized businesses offer the largest opportunity in winning new business and they showed a decline in transaction growth of 3 percentage points in the fourth and first quarters.

These smaller businesses spend $30 million or less on travel annually and mostly let their employees book wherever they want.

They may not need a travel management company like Amex GBT. What’s more, they’ve been hit hard in recent months by higher inflation and interest costs, leading to tighter travel budgets.

Amex GBT CEO Paul Abbott told analysts during the earnings call Tuesday that of the $900 billion in total transaction value in play in business travel annually, “$300 billion sits with, if you like, professional managed-travel programs, and $600 billion in unmanaged.”

The entire business travel market is worth $1.4 trillion, he said, and “SME is the biggest opportunity within that.”

Amex GBT Is Poised to Acquire CWT in the Second Half of 2024

The earnings call took place with some unfinished business on the agenda — the $570 million acquisition of CWT , which officials said is poised to close in the second half of 2024.

Abbott said the companies’ integration teams are “established.”

He said the acquisition would increase company revenue by one-third and it would have the potential to be a “significant” contributor to earnings in the long run. There would be $155 million in “annual run rate cost synergies,” Abbott said. Meaning layoffs and trimming other redundant operations.

American Express Global Business Travel stated that a recent survey of its top 100 customers found they expect their travel spend to rise 8% in 2024.

Net Loss Narrowed, Positive Free Cash Flow

In the first quarter, the company narrowed its net loss to $19 million from a loss of $27 million in the year-ago period.

Revenue rose 6% in the first quarter to $610 million.

One of the brighter metrics was that free cash flow hit $24 million in the first quarter, up from minus $109 million a year earlier.

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Tags: AmexGBT , business travel , corporate travel , cwt , earnings , hotels , mergers , mergers and acquisitions , Travel Trends

Photo credit: A business traveler about to catch a flight. Pxfuel

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Global travel industry trends 2024: Travelers become master planners 

So far in 2024, the global travel industry is seeing a significant resurgence, accompanied by a noticeable trend: People are becoming more skilled at planning their trips and are mastering the art of travel.  

Equipped with a wealth of online tools, these travelers are tailoring their itineraries to ensure enriching experiences at maximum value. Resources like AI assistants to one-stop-shop booking platforms empower travelers to curate highly personalized getaways.  

To understand the state of global travel in 2024, we analyzed Criteo’s dataset from hundreds of travel players and results from a survey of 10,000+ travelers globally. These are the trends that will help advertisers adapt to this year’s evolving landscape.  

1. People are surfing the travel surge.

Across all major regions, bookings for air travel soared by double digits year-over-year during the first quarter of 2024, signaling a robust boost in travel for the upcoming months. Air bookings rose +14% in EMEA, +13% in APAC, and +10% in the Americas YoY.  

Anticipate a surge in personal getaways this spring and early summer. According to Criteo’s survey, more people around the world plan to travel for leisure or visit friends/family in the next 1-3 months.  

2. AI and booking sites offer algorithmic adventures.

In the past 6 months, more travelers are finding AI tools useful for recommendations—especially for dining experiences, accommodations, and activities. This shift is the strongest among travelers in South Korea, with a 6-point growth when comparing Q3 2023 and Q1 2024.

The adoption of AI tools by travelers is also gaining momentum in Europe. More travelers in Germany (+4 points), France (+4 points), and the UK (+3 points) said they found AI tools useful over the same period.

Throughout the online booking journey, travelers are also open to suggestions from travel providers. Half of travelers around the world (48%) get inspiration from travel booking sites.

3. People value personal travel advice.

While assistance from AI and travel booking websites influence the planning journey, travelers still prefer word-of-mouth suggestions. A full 61% of travelers globally said that recommendations from family and friends is a strong decision-making factor. Over one-third of people globally also find inspiration from personal travel content sites like blogs.

Positive reviews are another highly influential factor and are gaining traction. When choosing a travel provider, two-thirds of travelers globally consider positive reviews. This was up 8 points in Q1 2024 compared to in Q3 2023.

4. Travelers are finding ways to adapt to rising costs.

In Q1 2024, 25% of travelers around the world said they spent more on travel within the last six months compared to the same period a year prior.

Rising costs were felt most by travelers in France (+13 points), Japan (+11 points), and South Korea (+8 points).  

To secure better travel deals, 38% of people globally said they have or would consider changing the timing of their trips. This trend is even more pronounced among travelers in Japan, where 52% are open to adopting this strategy.  

One in four travelers worldwide also plan to save money by engaging in fewer activities and opting for more affordable dining experiences. A third of US travelers will also leverage rewards from loyalty programs.  

While many travelers aim to cut costs, a growing portion are embracing higher expenditures . A striking 75% of those who spent more on travel in the last six months also splurged on non-essential costs like luxury goods, dining out, health and beauty products, and apparel and accessories.   

5. Booking everything from one source offers convenience.

Half of travelers compare multiple (3+) travel providers in search of the best deals.   

However, many people prefer to book all travel services from a single source for added convenience and ease of coordination. Three in five travelers globally booked all aspects of their most recent trip—such as flights, hotels, rental cars, and activities—through a single platform, website, app, or provider.

6. Mobile helps travelers embrace their spontaneity.

Travelers enjoy having the freedom to make spur of the moment decisions. Nearly 1in 5 opt to leave some bookings for mid-trip. US travelers lead in flexibility, with 77% stating they booked most aspects of their trip right before departure.   

Booking while on-the-go is also popular. In the Americas and EMEA, the share of air travel bookings completed on mobile devices increased by 8 points in March 2023 compared to March 2024. Similarly, there was a 6-point increase in APAC.  

Source: Organic Criteo Data. Americas Travel Partners. Comparing March Bookings in 2023 vs 2024. Desktop and Mobile included, App and Tablet included in Mobile, sample permitting.  

Embark on your advertising odyssey  

Capturing the attention of travelers demands a highly personalized approach. By crafting ads that directly address their needs and interests—like discounts, loyalty rewards, destination ideas, and activity recommendations—advertisers can boost engagement and bookings.  

Given that travelers explore multiple options before making a purchase, a retargeting strategy also helps keeps users engaged until they decide where to go and what they want to experience on their next trip. Meanwhile, retention campaigns can encourage stronger lifetime value as existing travel customers tend to have higher spend compared to first-time buyers.   

For more global travel trends, read our full report, Travel Insights: Unpacking the Landscape of the Escape Industry and register for immediate access to our on-demand webinar.

Discover why 19,000+ global clients trust Criteo as their preferred advertising partner.

Elizabeth Kim is a Global Content Strategist captivated by technology, culture, and consumer behavior. Before joining the world of adtech, Elizabeth crafted brand and content strategies at agencies for clients spanning startups to household name giants. Outside of work, Elizabeth finds creative ...

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US company Booking Holdings added to European Union’s list of for strict digital scrutiny

FILE - European Commissioner for Europe fit for the Digital Age Margrethe Vestager speaks during a media conference regarding the Digital Markets Act at EU headquarters in Brussels, Monday, March 25, 2024. The European Commission, the EU’s executive branch, said on Monday, May 13, 2024, Booking.com meets the threshold to be classed as a “core platform service” under the 27-nation bloc’s Digital Markets Act. The sweeping set of rules is designed to prevent Big Tech platforms from dominating online markets. (AP Photo/Virginia Mayo, File)

FILE - European Commissioner for Internal Market Thierry Breton addresses a media conference regarding the Digital Markets Act at EU headquarters in Brussels, Monday, March 25, 2024. The European Commission, the EU’s executive branch, said on Monday, May 13, 2024, Booking.com meets the threshold to be classed as a “core platform service” under the 27-nation bloc’s Digital Markets Act. The sweeping set of rules is designed to prevent Big Tech platforms from dominating online markets. (AP Photo/Virginia Mayo, File)

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LONDON (AP) — Booking Holdings, the U.S. company that owns Booking.com and a number of other travel websites, has been added to the European Union’s list of companies now under heightened digital scrutiny.

The European Commission, the EU’s executive branch, said Monday that it’s classing Booking Holdings as an online gatekeeper and that the company’s Booking.com hotel reservation site meets the threshold to be classed as a “core platform service” under the 27-nation bloc’s Digital Markets Act . The sweeping set of rules is designed to prevent Big Tech platforms from dominating online markets.

European Commission Executive Vice President Margrethe Vestager said the decision means that vacationers “will start benefiting from more choice and hotels will have more business opportunities.”

The company said it has “been working with the European Commission for some time as we anticipated today’s decision. We are reviewing their designation decision now and will continue to work constructively with them as we develop solutions to comply.”

Booking Holdings, based in Norwalk, Connecticut, owns a slew of other travel sites including Cheapflights, Kayak.com and Priceline as well as restaurant reservation platform OpenTable, but those platforms aren’t included in the EU decision.

Since the rules took effect earlier this year, half a dozen companies have already been classified as online gatekeepers. Some including Apple, Google and Meta are already facing investigations into whether they’re doing enough to comply.

Under the DMA, platforms must comply with a list of do’s and don’ts - such as not giving preference to their own services over rivals - under threat of hefty financial penalties or even breaking up businesses. The rules are designed to make digital markets “fairer” and more competitive by breaking up closed tech ecosystems that lock consumers into a single company’s products or services.

The commission said Booking.com “now has six months to comply with the relevant obligations under the DMA, offering more choice and freedom to end users and fair access of business users to the gatekeeper services.”