Amex GBT to Acquire CWT - Seite 2

• The transaction values CWT at approximately $570 million on a cash-free and debt-free basis, subject to certain assumptions and purchase price adjustments. At the closing of the transaction Amex GBT expects to issue approximately 71.7 million shares of its common stock at a fixed price of $6.00 per share and to use cash on hand to fund the retirement of CWT debt and the remaining transaction consideration. The CWT shareholders, which are primarily investment funds, are subject to a 90-day lockup for 50% of their shares and a 270-day lockup for the remainder of their shares. Both companies’ boards of directors have approved the transaction, which is expected to be completed in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.
• Amex GBT acquiring CWT for pre-synergy multiple of 7.6x and post-synergy multiple of 2.5x Adjusted EBITDA, based on CWT estimated 2024 Adjusted EBITDA of $70 million –$80 million and $155 million identified synergies.
• Amex GBT acquiring CWT for 0.7x revenue multiple, based on CWT estimated 2024 revenue of approximately $850 million.

Investor Conference Call Information

Amex GBT will hold a live investor conference call on March 25, 2024, at 8:30 AM ET. The live investor conference call and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com. A replay of the event will be available on the website for at least 90 days following the event.

About Amex GBT

American Express Global Business Travel (Amex GBT) is a leading software and services company for travel, expense, and meetings & events. We have built the most valuable marketplace in travel with the most comprehensive and competitive content. A choice of solutions brought to you through a powerful combination of technology and people, delivering the best experiences, proven at scale. With travel professionals and business partners in more than 140 countries, our solutions deliver savings, flexibility, and service from a brand you can trust – Amex GBT.

About CWT

CWT is a global business travel and meetings solutions provider, with whom companies and governments partner to keep their people connected, in traditional business locations and some of the most remote and inaccessible parts of the globe. A private company majority owned by funds affiliated to Redwood Capital Management and Monarch Alternative Capital amongst others, CWT provides its customers’ employees with innovative technology and an efficient, safe, and sustainable travel experience.