Amex GBT completes acquisition of CWT for ~$540M; $155M annual synergies expected

Global Business Travel Group, Inc.

Issued 50.4M shares of Common Stock as consideration; valued at ~$540M on cash-free, debt-free basis.
Company expects ~$155M in annual run-rate synergies from the acquisition within 3 years.
Holdback of 400,000 shares and $13.66M increase in Debt-Like Items, reducing purchase price.
CWT customers gain access to Amex GBT's suite including Neo, Egencia, and Select.
Updated FY2025 guidance including CWT impact to be provided on next earnings call in November.

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