10:37 AM EDT, 03/25/2024 (MT Newswires) -- Global Business Travel Group ( GBTG )- (GBTG) operated American Express Global Business Travel, or Amex GBT, said Monday that it has agreed to acquire business travel and meetings management company CWT in a deal that values CWT at about $570 million.

The cash-and-stock transaction is expected to close in the second half and to be breakeven to earnings per share in the first year of deal completion and accretive thereafter, according to Amex GBT.

At closing, Amex GBT expects to issue roughly 71.7 million shares of its common stock at $6 per share and to use cash to finance the retirement of CWT debt and the remaining deal consideration, Amex GBT said.

American Express ( AXP ) has a minority stake in Global Business Travel Group ( GBTG ).

Global Business Travel Group ( GBTG ) shares were up 3% in recent trading.

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