The companies now expect the acquisition to close in the third quarter, subject to the remaining closing conditions, they said in a Tuesday press release.
“We recognize the regulatory approval process has created uncertainty for CWT customers and employees,” Amex GBT CEO Paul Abbott said in the release. “We’re excited to close the transaction and welcome them to Amex GBT.”
CWT CEO Patrick Andersen said in the release that the integration of the companies will create “an exciting future” for customers and employees.
“Together we can provide a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience,” Andersen said.
Bloomberg reported Tuesday that the DOJ said in a court filing that it was exercising its “prosecutorial discretion” by asking a judge to dismiss the case it brought in January.
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This was one of the last cases brought by the DOJ when it was under the Biden administration, according to the report.
When announcing on Jan. 10 that it filed a civil antitrust suit to block the acquisition, the DOJ said the deal would harm competition as it would see the world’s largest business travel management company acquire its rival, which is the third largest such company.
Doha Mekki, who was acting assistant attorney general for the antitrust division of the DOJ at the time, said in a Jan. 10 press release: “This acquisition is the latest in a series of acquisitions by Amex GBT that will further consolidate an already consolidated market with only a handful of competitive options capable of serving customers with the most need for travel management services.”
When the companies announced in March 2024 that Amex GBT agreed to acquire CWT for $570 million, they said the move would offer CWT’s 4,000 customers access to the Amex GBT ecosystem, create about $850 million in revenue, and deliver greater capacity for investment in software and services.
