---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-014927"
form_type: "8-K"
ticker: "GBTG"
cik: "0001820872"
company_name: "Global Business Travel Group, Inc."
filed_at: "2024-03-25T23:59:59+00:00"
generated_at: "2026-06-04T08:37:27.216950+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# GBTG to acquire CWT in ~$570M enterprise value deal; to issue 72M shares and pay $70M cash

## Summary
- Acquisition of CWT implies equity value of ~$500M; transaction structured as two-step merger.
- Consideration: ~72M shares of GBTG Class A common at $6.00/share plus ~$70M cash from balance sheet.
- Closing subject to HSR Act, CFIUS clearance, and other foreign investment approvals; drop-dead dates up to 18 months.
- Reverse termination fee of $32M-$35M payable by GBTG if deal fails due to regulatory conditions.
- Lock-up: Members cannot transfer shares for 90 days post-close, then 50% limit until day 270.

## SEC filing metadata
- accession: 0001140361-24-014927
- form_type: 8-K
- ticker: GBTG
- cik: 0001820872
- company_name: Global Business Travel Group, Inc.
- filed_at: 2024-03-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820872/000114036124014927/0001140361-24-014927-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820872/000114036124014927/ef20024970_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-014927
- JSON: https://secwatch.observer/filing/0001140361-24-014927.json
- Plain text: https://secwatch.observer/filing/0001140361-24-014927.txt

## Key facts
- Material Agreements
  Global Business Travel Group, Inc. entered into Agreement and Plan of Merger with CWT Holdings, LLC, Cape Merger Sub I LLC, Cape Merger Sub II LLC, Redwood Drawdown Partners III, LLC valued at approximately $570 million on a cash-free and debt-free basis (effective 2024-03-24).
  - Action: entry
  - Agreement: merger
  - Counterparty: CWT Holdings, LLC, Cape Merger Sub I LLC, Cape Merger Sub II LLC, Redwood Drawdown Partners III, LLC
  - Value: approximately $570 million on a cash-free and debt-free basis
  - Effective: 2024-03-24
  source text: On March 24, 2024, Global Business Travel Group, Inc. a Delaware corporation (the “ Company ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with CWT Holdings, LLC
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820872/000114036124014927/0001140361-24-014927-index.htm

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