A new - and probably final - twist in the takeover process initiated by Amex GBT against its competitor CWT. The US Department of Justice (DOJ), which had blocked the buyback for infringing competition principles, changed its mind on Tuesday. As the British authorities had done a few months earlier. The transaction is now expected to be finalised in the third quarter..
The CEOs of both companies were quick to welcome the decision. Starting with Paul Abbott. The boss of Amex GBT said: " We recognise that the regulatory approval process has created uncertainty for CWT's customers and employees. We are delighted to complete this transaction and welcome them to Amex GBT. Together we will offer our customers unrivalled choice, value and experience. "says Paul Abbott.
" We are delighted that the DOJ has reached this conclusion "says Patrick Andersen. The CEO of CWT adds: " Our customers and employees have a bright future ahead of them as we focus on completing the transaction and integration with Amex GBT. Together, we can deliver a technological future for business travel, where people and technology combine to deliver an exceptional customer experience. ".
