CMA publishes supplementary interim report in GBT / CWT merger investigation

The Competition and Markets Authority (CMA) has published a supplementary interim report in its investigation of the merger of corporate travel management companies Global Business Travel Group, Inc (GBT) and CWT Holdings LLC (CWT). Both companies supply travel agency services to global businesses with high travel spend and employees who travel internationally. 

This is the first in-depth merger investigation that the CMA has conducted under its revised Phase 2 process. Those process changes included issuing a more provisional ‘interim report', earlier in the process, to facilitate engagement by merging parties in relation to the independent CMA inquiry group's initial assessment.

In November, the CMA's interim report provisionally found the proposed merger between GBT and CWT was likely to substantially lessen competition. Following the interim report, the CMA has continued to gather evidence and has carried out further analysis that suggests CWT would not have performed as strongly absent the merger as the group had initially assessed. As a result, and having considered all the evidence in the round, the group has provisionally concluded that CWT is a significantly weaker competitor than in the past and is likely to continue to weaken in the future. There are other suppliers who will offer customers an alternative to the merged business.

Based on that further analysis, and in line with its usual procedures, the CMA inquiry group is today publishing a supplementary interim report ahead of its final decision. That interim report sets out why the group provisionally considers that the deal should be allowed to proceed.

Martin Coleman, chair of the independent panel of experts conducting this investigation, said:

In this case, having considered all of the evidence in the round, particularly the further analysis of CWT's financial position, we have now provisionally concluded that the merger will not result in a substantial lessening of competition in corporate travel management services.

This is our first investigation under the revised Phase 2 process, with several benefits including the publication of an interim report at an earlier stage and a higher level of business and third-party engagement with the inquiry group. Today's supplementary report reflects the flexibility this new process provides.

We will now consider feedback on our supplementary interim report before making a final decision in March.

The inquiry group will now seek feedback on its supplementary interim report before making a final decision by 9 March 2025. The deadline for comments is Tuesday 25 February 2025.

For more information, visit the Global Business Travel Group, Inc / CWT Holdings, LLC merger inquiry case page.

Notes to editors

1. On 10 January 2025 the United States Department of Justice filed a civil antitrust lawsuit seeking to block the merger. The case is currently before the US courts.
2. New Phase 1 cases opened by the CMA after 25 April 2024 which are referred for an in-depth Phase 2 investigation are run under the new Phase 2 process.