Global Business Travel Group, Inc / CWT Holdings, LLC merger inquiry
Source: gov.uk (2025-03-06)

The Competition and Markets Authority (CMA) investigated the anticipated acquisition by Global Business Travel Group, Inc of CWT Holdings, LLC.

Phase 2

The phase 2 investigation is being conducted under the CMA’s new merger process (https://www.gov.uk/government/news/new-phase-2-investigation-process-adopted-by-cma), which applies to cases opened since 25 April 2024.

Administrative timetable
- Administrative timetable (PDF, 124KB) (https://assets.publishing.service.gov.uk/media/66d09c887038067f2090d77f/Administrative_Timetable160125.pdf) (16.1.25)
Contact

xxx@xxx.xx (mailto:xxx@xxx.xx)

Final report

6 March 2025: The CMA has cleared the anticipated acquisition by Global Business Travel Group, Inc and CWT Holdings, LLC.
- Final report (PDF, 1.1MB) (https://assets.publishing.service.gov.uk/media/67c9c5538247839c255ae3f6/final_report.pdf) (6.3.25)
- Appendices and glossary (PDF, 1.9MB) (https://assets.publishing.service.gov.uk/media/67c9d17ed0fba2f1334cf366/appendices_and_glossary.pdf) (6.3.25)
- Summary of final report (PDF, 168KB) (https://assets.publishing.service.gov.uk/media/67c98848696e4984ea4cf2f8/summary_of_final_report.pdf) (6.3.25)
- Press release: CMA clears GBT / CWT corporate travel merger (https://www.gov.uk/government/news/cma-clears-gbt-cwt-corporate-travel-merger) (6.3.25)
Responses to the supplementary interim report
- Parties’ joint response (PDF, 165KB) (https://assets.publishing.service.gov.uk/media/67beeeec68a61757838d1f93/parties_joint_response.pdf) (26.2.25)
- Berg-Hansen response (PDF, 252KB) (https://assets.publishing.service.gov.uk/media/67beef06750837d7604dbb75/berg-hansen_response.pdf) (26.2.25)
- Submission from a third party (PDF, 50KB) (https://assets.publishing.service.gov.uk/media/67c5821616dc9038974dbd52/submission_from_a_third_party.pdf) (3.3.25)
Supplementary interim report

18 February 2025: The supplementary interim report outlines the Inquiry Group’s revisions to the provisional ‘substantial lessening of competition’ (SLC) finding in the interim report in relation to the supply of business travel advisory (BTA) services to global multinational (GMN) customers. The Inquiry Group has provisionally concluded that the merger may not be expected to result in an SLC in the supply of BTA services to GMN customers.

The deadline for submitting responses to the supplementary interim report is 5pm on Tuesday 25 February 2025.
- Supplementary interim report notice (PDF, 142KB) (https://assets.publishing.service.gov.uk/media/67b48d00b56d8b0856c2fe10/supplementary_interim_report_notice.pdf) (18.2.25)
- Supplementary interim report (PDF, 371KB) (https://assets.publishing.service.gov.uk/media/67b4917e4e79a175a4c2fe48/supplementary_interim_report.pdf) (18.2.25)
- Press release: CMA publishes supplementary interim report in GBT / CWT merger investigation (https://www.gov.uk/government/news/cma-publishes-supplementary-interim-report-in-gbt-cwt-merger-investigation) (18.2.25)
Notice of extension of statutory period
- Notice of extension (PDF, 126KB) (https://assets.publishing.service.gov.uk/media/6788f0e92080f65f988bd2b8/notice_of_extension.pdf) (16.1.25)
Responses to the invitation to comment on remedies
- Submission from a third party (PDF, 116KB) (https://assets.publishing.service.gov.uk/media/676a84a7ff2c870561bdea4c/Response_to_the_CMA_invitation_to_comment_on_remedies.pdf) (24.12.24)
Responses to the interim report
- Parties’ joint response (PDF, 825KB) (https://assets.publishing.service.gov.uk/media/6780e81e153753104a92179d/parties_response_to_interim_report.pdf) (10.1.25)
- Submission from a third party (PDF, 186KB) (https://assets.publishing.service.gov.uk/media/676a85bfff2c870561bdea4d/__Response_to_interim_report__.pdf) (24.12.24)
Invitation to comment on remedies: closed

25 November 2024: The invitation to comment on remedies sets out and consults on the actions which the CMA might take for the purpose of remedying the substantial lessening of competition and/or any resulting adverse effects provisionally identified in the interim report.

The deadline for submitting comments on possible remedies was 5pm on Monday 2 December 2024.
- Invitation to comment on remedies (PDF, 193KB) (https://assets.publishing.service.gov.uk/media/674450f3a91ce6ead8e92f72/Invitation_to_comment_on_remedies.pdf) (25.11.24)
Interim report

6 November 2024: The CMA has provisionally found competition concerns as part of its in-depth investigation of the anticipated acquisition by Global Business Travel Group, Inc and CWT Holdings, LLC.

The deadline for submitting responses to the interim report was 5pm on Wednesday 27 November 2024.

Interim report notice (PDF, 130KB) (https://assets.publishing.service.gov.uk/media/672b3251f03408fa7966d1bf/Interim_report_notice.pdf) (6.11.24)

Interim report (PDF, 1012KB) (https://assets.publishing.service.gov.uk/media/6735cd8837aabe56c416110a/Interim_report.pdf) (14.11.24)

Appendices and glossary (PDF, 1.2MB) (https://assets.publishing.service.gov.uk/media/690382abe2ebc0fb39a52029/Appendices_and_glossary_-_30.10.25.pdf) (14.11.24)

Interim report summary (PDF, 144KB) (https://assets.publishing.service.gov.uk/media/672b7563f03408fa7966d226/Interim_report_summary.pdf) (6.11.24)

Press release: CMA publishes interim report in corporate travel merger (https://www.gov.uk/government/news/cma-publishes-interim-report-in-corporate-travel-merger) (6.11.24)

Responses to the Phase 1 Decision
- Parties’ joint responses (PDF, 858KB) (https://assets.publishing.service.gov.uk/media/66feb42da31f45a9c765f0e2/Parties__joint_responses.pdf) (4.10.24)
Inquiry group appointed

12 August 2024: The CMA has appointed the inquiry group: Martin Coleman (Chair) (https://www.gov.uk/government/people/martin-coleman), Colleen Keck (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#colleen-keck), Juliet Lazarus (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#juliet-lazarus) and John Thanassoulis (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#john-thanassoulis).

Terms of reference

12 August 2024: The CMA has referred the anticipated acquisition by Global Business Travel Group, Inc of CWT Holdings, LLC for an in-depth investigation.
- Terms of reference (PDF, 89KB) (https://assets.publishing.service.gov.uk/media/66b9d8cdfc8e12ac3edb0db4/Terms_of_reference.pdf) (12.8.24)
Phase 1

Statutory timetable

Reference decision

12 August 2024: The CMA has referred the anticipated acquisition by Global Business Travel Group, Inc of CWT Holdings, LLC for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this Merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
- Decision to refer (PDF, 109KB) (https://assets.publishing.service.gov.uk/media/66b9e8a7a3c2a28abb50dffd/Decision_to_refer.pdf) (12.8.24)
Reference unless undertakings accepted

30 July 2024: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- Full text decision (PDF, 545KB) (https://assets.publishing.service.gov.uk/media/66d09cad7c42acbece502ce0/Full_text_decision.pdf) (30.8.24)
- Summary of phase 1 decision (PDF, 150KB) (https://assets.publishing.service.gov.uk/media/66a8d982ce1fd0da7b592f8e/Summary_of_phase_1_decision.pdf) (30.7.24)
- Press notice: Corporate travel merger could lead to businesses paying higher prices (https://www.gov.uk/government/news/corporate-travel-merger-could-lead-to-businesses-paying-higher-prices) (30.7.24)
Launch of merger inquiry

4 June 2024: The CMA announced the launch of its merger inquiry by notice to the parties.
- Commencement notice (PDF, 91KB) (https://assets.publishing.service.gov.uk/media/665dd8360c8f88e868d334e5/__Commencement_notice__.pdf) (4.6.24)
Invitation to comment: closed

4 June 2024: The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
- Invitation to comment (PDF, 118KB) (https://assets.publishing.service.gov.uk/media/665dd84fd470e3279dd3350f/__Invitation_to_comment__.pdf) (4.6.24)
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy Notice (https://www.gov.uk/government/organisations/competition-and-markets-authority/about/personal-information-charter).