Amex GBT announces dismissal of US department of justice lawsuit challenging CWT acquisition.

American Express Global Business Travel announced that the United States Department of Justice has dismissed its complaint challenging Amex GBT’s acquisition of CWT, a global business travel and meetings solutions provider.

“We recognize the regulatory approval process has created uncertainty for CWT customers and employees. We’re excited to close the transaction and welcome them to Amex GBT. Together, we will offer customers unrivalled choice, value, and experience,” said Amex GBT CEO Paul Abbott.

“We are pleased that the DOJ has come to this conclusion,” said CWT CEO, Patrick Andersen. “Our customers and people have an exciting future ahead of them as we turn our focus to completing the transaction and integrating with Amex GBT. Together we can provide a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience.”

We expect the transaction to be highly accretive with approximately $155 million of identified net synergies. The transaction is valued at $540 million, made up of approximately 50 million shares to be issued at a fixed price of $7.50 per share, with the remaining consideration funded with cash on hand.

The result will be a more diverse shareholder base, with CWT shareholders owning approximately 10% of the combined company. The transaction is now expected to close in the third quarter, subject to the satisfaction of the remaining closing conditions.