American Express Global Business Travel (Amex GBT) is buying company journey company Carlson Wagonlit Travel (CWT), for $570 million, marking a brand new chapter for one of many business’s longtime company giants.

The deal is anticipated to shut someday within the second half of 2024. The transaction will likely be funded by a mix of inventory and money.

CWT, which says it serves 4,000 international prospects, has been present process main adjustments lately, together with taking up new fairness house owners in 2021. As not too long ago as November, CWT underwent some stability sheet recapitalization aimed toward deleveraging its stability sheet and strengthening its monetary place. At that point, CWT stated it had a “strong financial foundation and capital structure.”

In Monday’s announcement, CWT stated that shifting underneath Amex GBT will assist its long-term imaginative and prescient and that it was “confident” in the way forward for the corporate.

“Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. We are highly confident in the value creation of the combined company,” CWT CEO Patrick Andersen stated.

It additionally stated that, when the deal closes, its purchasers would have entry to Amex GBT’s proprietary software program, together with packages like Neo1, Neo, and Egencia, and Amex GBT’s skilled companies.

TMR reached out to CWT to ask concerning the evolution of the CWT model when the corporate does transfer underneath Amex GBT, and whether or not or not the CWT will stay. A spokesperson advised TMR that “it’s very early in the process to discuss CWT as a brand. We are all proud of the name we have built in the marketplace and our ancestry. Today, we remain CWT.”

Amex GBT’s CEO Paul Abbot stated on Monday that bringing CWT underneath the Amex banner will “create more choice for customers, more opportunities for people, and more value for shareholders.”

CWT traces its roots again to 1872 when a Belgian innovator Georges Nagelmackers, who went on to create the Orient Express, based Wagons-Lits, which implies “sleeping cars.”