Merger Update - GBT / CWT

CMA clears GBT / CWT corporate travel merger

An independent inquiry group leading the in-depth Phase 2 merger investigation into the merger of corporate travel management companies Global Business Travel Group, Inc (GBT) and CWT Holdings LLC (CWT) has decided it should be allowed to proceed.

Both companies supply travel agency services to global businesses with high travel spend and employees who travel internationally. 

The group has concluded that CWT is a significantly weaker competitor than in the past and is likely to continue to weaken in the future and that there are other suppliers who will offer customers an alternative to the merged business.

The group is therefore satisfied that the merger is not expected to result in a substantial lessening of competition in the global market for the supply of business travel agency services and has cleared the deal.

Martin Coleman, chair of the independent panel of experts conducting this investigation, said:

"Having reviewed all the evidence thoroughly over the course of our investigation we have concluded, given the weaker position CWT plays in the corporate travel market and the alternatives available, that this deal should be allowed to proceed."

For more information, visit the Global Business Travel Group, Inc / CWT Holdings, LLC merger inquiry case page.

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Notes to editors

1.   On 10 January 2025 the United States Department of Justice filed a civil antitrust lawsuit seeking to block the merger. The case is currently before the US courts.

2.   New Phase 1 cases opened by the CMA after 25 April 2024 which are referred for an in-depth Phase 2 investigation are run under the new Phase 2 process. This is the first in-depth merger investigation that the CMA has conducted under its revised Phase 2 process.

3.   All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.