M&A
confidence medium
sentiment neutral
materiality 0.50
GBTG files CWT audited FY2024 and unaudited H1 2025 financials, plus pro forma combined data
Global Business Travel Group, Inc.
- CWT audited 2024 revenue and H1 2025 unaudited statements provided as Exhibits 99.1 and 99.2.
- Pro forma condensed combined balance sheet and income statement for FY2024 and H1 2025 filed as Exhibit 99.3.
- Deal value approx. $540M enterprise / $470M equity; GBTG to issue ~50M shares at $7.50 + ~$70M cash.
- Transaction closed Sept 2, 2025, subject to regulatory clearances including HSR and CFIUS.
- CWT recapitalized Nov 2023: FILO loans exchanged for second-lien term loans and equity.