By Sabela Ojea
Global Business Travel Group said that a deal to acquire rival CWT Holdings would be valued at around $540 million from $570 million after the parties amended the terms of their agreement.
Travel-management company Global Business Travel Group--also known as Amex GBT--said the amended deal also means it would issue 50 million shares of its class A common stock at the closing of the transaction, below the 72 million originally agreed and at a price of $7.50 a share from $6 a share previously.
The company added that it has also extended the merger deadline to Dec. 31 to provide both parties with additional time to defend deal against the Justice Department.
In January, the Antitrust division of the DOJ filed a lawsuit seeking to block the transaction, saying it would harm competition for business-travel-management services.
Amex GBT and CWT Holdings are the largest and third-largest business-travel-management companies in the world, respectively, the DOJ said.
The complaint alleged that Amex GBT's transaction is an effort in consolidation of the market and acts as a respite from recent customer losses to CWT. Amex GBT was trying to avoid future business loss to CWT by buying the company, the DOJ alleged.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
March 21, 2025 17:43 ET (21:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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