BTN - (November 6, 2024) - The merger between American Express Global Business Travel and CWT "has the potential to substantially lessen competition," the U.K.'s Competition and Markets Authority said in a report of its provisional findings of its investigation of the merger—an assessment with which Amex GBT said it "fundamentally disagrees."
In its interim report on the $570 million acquisition of CWT by Amex GBT, the CMA said an independent inquiry group found the deal would lead to less choice and higher prices among large customers, which it defined as having at least $25 million in total transaction volume annually. "We have provisionally found that only a small number of business travel agencies are considered capable of meeting the needs of the largest companies, and this deal could reduce competition and increase costs," the inquiry group's chair, Martin Coleman, said in a statement.
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