---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-086098"
form_type: "8-K"
ticker: "GBTG"
cik: "0001820872"
company_name: "Global Business Travel Group, Inc."
filed_at: "2025-09-02T23:59:59+00:00"
generated_at: "2026-05-17T08:56:47.481264+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-086098
- form_type: 8-K
- ticker: GBTG
- cik: 0001820872
- company_name: Global Business Travel Group, Inc.
- filed_at: 2025-09-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820872/000110465925086098/0001104659-25-086098-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820872/000110465925086098/tm2524670d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-086098
- JSON: https://secwatch.observer/filing/0001104659-25-086098.json
- Plain text: https://secwatch.observer/filing/0001104659-25-086098.txt

## Key facts
- M&A Transactions
  Global Business Travel Group, Inc. completed an acquisition involving CWT Holdings, LLC (closed 2025-09-02).
  - Action: acquisition
  - Counterparty: CWT Holdings, LLC
  - Closing: 2025-09-02
  source text: On September 2, 2025, the Company and the Seller completed the previously announced acquisition of CWT in accordance with the terms of the Merger Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820872/000110465925086098/0001104659-25-086098-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.