Amex GBT targets $155 million in cost synergies from CWT merger

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Confidence rises as new customer wins, margin expansion, and improved demand boost outlook

Aug 7, 2025

American Express Global Business Travel (Amex GBT) is moving forward confidently with its acquisition of CWT, citing strong synergies, margin growth, and new customer wins—especially in the small and midsized business segment. The company has raised its full-year guidance following improved demand and positive financial performance in Q2.

Key takeaways

CWT merger on track: Amex GBT expects the CWT acquisition to close by end of September, following the U.S. Department of Justice dropping its lawsuit.
$155 million in synergies: The company projects $155 million in net cost savings from the merger over three years.
Strong SME growth: Of the $3.2 billion in new customer wins over the past year, $2.2 billion came from small and medium-sized enterprises.
Improved earnings and revenue: Adjusted EBITDA rose 4% in Q2, with revenue up 1% to $631 million.
Positive demand trends: After a dip in April, corporate travel transactions grew 2% across May and June, with further recovery signs in July.
Share repurchase plans: With merger clarity, Amex GBT plans to initiate more share buybacks in the coming months.
Raised full-year outlook: Confidence in commercial momentum and margin expansion led to higher and narrower full-year guidance.