The UK’s antitrust regulator began investigating whether the deal would lead to a “significant lessening of competition” in the market
Aug 26, 2024
American Express Global Business Travel (GBT), the UK’s largest travel management company, announced in March a £444 million deal to acquire rival CWT. CWT, the third-largest player in the UK market, provides corporate travel management services to corporate clients worldwide.
Key takeaways
- The Competition and Markets Authority (CMA) raised concerns that the merger could lead to “reduced quality of service, higher prices and reduced innovation for global multinational corporate travel customers”;
- If no satisfactory remedies are proposed, or if the CMA finds the proposed remedies inadequate, a more detailed “Phase Two” investigation will be launched;
- It is now up to GBT and CWT to address our concerns or this case will proceed to a more detailed Phase 2 investigation,” said Mike Walker, Chief Economic Advisor at the CMA.
Get the full story at yahoo!finance
