The UK Competition and Markets Authority (CMA) has given the green light to American Express Global Business Travel’s (GBT) $570 million acquisition of CWT. This approval comes on March 6, though the deal still faces a significant hurdle in the United States, where the Department of Justice (DOJ) has filed an antitrust lawsuit.
According to the CMA, its review found that CWT’s competitors are weaker than before and may continue to decline. The authority noted that there are alternative suppliers available to clients, which helped alleviate concerns about reduced competition in the market.
“The CMA concluded that the merger will not substantially lessen competition in the global market for business travel services,” the authority said in a statement, approving the transaction.
Martin Coleman, the chair of the independent panel overseeing the investigation, explained that the decision followed a careful review of evidence. He emphasized that CWT’s weak position in the market and the availability of competitors justified the approval of the merger.
The CMA’s final report, issued on March 6, highlighted that CWT is in a financially difficult situation and is likely to lose more business than it gains moving forward. The report also noted that BCD and GBT are the two strongest competitors in the sector, significantly outpacing CWT.
Additional analysis by BTN Europe also pointed to CWT’s struggles, which have been exacerbated by fierce competition from BCD, FCM, CTM, and Navan. These companies are intensifying their presence in the business travel sector.
American Express GBT welcomed the CMA’s approval. Eric J. Bock, the company’s chief legal officer and head of global mergers and acquisitions, expressed confidence that the U.S. legal challenge was flawed. He argued that the DOJ’s view on competition was narrow and outdated, ignoring the growing number of strong competitors in the sector.
“We are confident in our legal position and prepared to defend this in court if needed,” Bock stated.
The merger was first announced in March 2024. The CMA launched an investigation in June of that year, raising concerns that the deal could lead to higher prices for customers. Throughout the review, American Express GBT and CWT disputed the CMA’s findings, proposing remedies and criticizing the process.
In January 2025, the U.S. Department of Justice filed a lawsuit to block the merger, with a trial scheduled for September. Meanwhile, the CMA published an updated report in February, noting CWT’s declining position and offering further analysis of market competition and TMC bidding data.
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