Latest news with #PaulAbbott
Yahoo
10 hours ago
- Business
- Yahoo
Amex GBT Announces Dismissal of US Department of Justice Lawsuit Challenging CWT Acquisition
Transaction Now Expected to Close in Third Quarter NEW YORK, July 29, 2025--(BUSINESS WIRE)--American Express Global Business Travel which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading software and services company for travel, expense and meetings & events, today announced that the United States Department of Justice ("DOJ") has dismissed its complaint challenging Amex GBT's acquisition of CWT, a global business travel and meetings solutions provider. "We recognize the regulatory approval process has created uncertainty for CWT customers and employees. We're excited to close the transaction and welcome them to Amex GBT. Together, we will offer customers unrivalled choice, value, and experience," said Amex GBT CEO Paul Abbott. "We are pleased that the DOJ has come to this conclusion," said CWT CEO, Patrick Andersen. "Our customers and people have an exciting future ahead of them as we turn our focus to completing the transaction and integrating with Amex GBT. Together we can provide a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience." We expect the transaction to be highly accretive with approximately $155 million of identified net synergies. The transaction is valued at $540 million, made up of approximately 50 million shares to be issued at a fixed price of $7.50 per share, with the remaining consideration funded with cash on hand. The result will be a more diverse shareholder base, with CWT shareholders owning approximately 10% of the combined company. The transaction is now expected to close in the third quarter, subject to the satisfaction of the remaining closing conditions. About Amex GBT 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 strong 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. Visit for more information about Amex GBT. Follow @amexgbt on X, LinkedIn and Instagram. Forward-Looking Statements This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our current expectations or forecasts of future events. These statements constitute projections, forecasts and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this communication are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us, including as a result of the transaction, will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) the impact of geopolitical conflicts, including the war in Ukraine and the conflicts in the Middle East, as well as related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (7) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (8) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (9) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in-person business meetings and demand for travel and our services); (10) the effect of legal, tax and regulatory changes; (11) the decisions of market data providers, indices and individual investors; (12) the outcome of any legal proceedings that may be instituted against Amex GBT or CWT in connection with the transaction; (13) the inability to complete the transaction; (14) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete the transaction; (15) the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction; (16) the inability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (17) costs related to the transaction; (18) risks related to the business of CWT or unexpected liabilities that arise in connection with the transaction or the integration with CWT; (19) the risk that the assumptions, estimates and estimated adjustments described in this communication may prove to be inaccurate; and (20) other risks and uncertainties described in the Company's Form 10-K, filed with the SEC on March 7, 2025, and in the Company's other SEC filings. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. View source version on Contacts Media: Megan KatHead of Global Communications and Public Investors: Jennifer ThoringtonVice President of Investor Relationsinvestor@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
10 hours ago
- Business
- Globe and Mail
Amex GBT Announces Dismissal of US Department of Justice Lawsuit Challenging CWT Acquisition
American Express Global Business Travel which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ('Amex GBT' or the 'Company'), a leading software and services company for travel, expense and meetings & events, today announced that the United States Department of Justice ('DOJ') has dismissed its complaint challenging Amex GBT's acquisition of CWT, a global business travel and meetings solutions provider. 'We recognize the regulatory approval process has created uncertainty for CWT customers and employees. We're excited to close the transaction and welcome them to Amex GBT. Together, we will offer customers unrivalled choice, value, and experience,' said Amex GBT CEO Paul Abbott. 'We are pleased that the DOJ has come to this conclusion,' said CWT CEO, Patrick Andersen. 'Our customers and people have an exciting future ahead of them as we turn our focus to completing the transaction and integrating with Amex GBT. Together we can provide a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience.' We expect the transaction to be highly accretive with approximately $155 million of identified net synergies. The transaction is valued at $540 million, made up of approximately 50 million shares to be issued at a fixed price of $7.50 per share, with the remaining consideration funded with cash on hand. The result will be a more diverse shareholder base, with CWT shareholders owning approximately 10% of the combined company. The transaction is now expected to close in the third quarter, subject to the satisfaction of the remaining closing conditions. About Amex GBT 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 strong 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. Visit for more information about Amex GBT. Follow @amexgbt on X, LinkedIn and Instagram. Forward-Looking Statements This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our current expectations or forecasts of future events. These statements constitute projections, forecasts and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this communication are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us, including as a result of the transaction, will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) the impact of geopolitical conflicts, including the war in Ukraine and the conflicts in the Middle East, as well as related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (7) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (8) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (9) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in-person business meetings and demand for travel and our services); (10) the effect of legal, tax and regulatory changes; (11) the decisions of market data providers, indices and individual investors; (12) the outcome of any legal proceedings that may be instituted against Amex GBT or CWT in connection with the transaction; (13) the inability to complete the transaction; (14) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete the transaction; (15) the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction; (16) the inability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (17) costs related to the transaction; (18) risks related to the business of CWT or unexpected liabilities that arise in connection with the transaction or the integration with CWT; (19) the risk that the assumptions, estimates and estimated adjustments described in this communication may prove to be inaccurate; and (20) other risks and uncertainties described in the Company's Form 10-K, filed with the SEC on March 7, 2025, and in the Company's other SEC filings. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Business Wire
11 hours ago
- Business
- Business Wire
Amex GBT Announces Dismissal of US Department of Justice Lawsuit Challenging CWT Acquisition
NEW YORK--(BUSINESS WIRE)--American Express Global Business Travel which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ('Amex GBT' or the 'Company'), a leading software and services company for travel, expense and meetings & events, today announced that the United States Department of Justice ('DOJ') has dismissed its complaint challenging Amex GBT's acquisition of CWT, a global business travel and meetings solutions provider. 'We recognize the regulatory approval process has created uncertainty for CWT customers and employees. We're excited to close the transaction and welcome them to Amex GBT. Together, we will offer customers unrivalled choice, value, and experience,' said Amex GBT CEO Paul Abbott. 'We are pleased that the DOJ has come to this conclusion,' said CWT CEO, Patrick Andersen. 'Our customers and people have an exciting future ahead of them as we turn our focus to completing the transaction and integrating with Amex GBT. Together we can provide a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience.' We expect the transaction to be highly accretive with approximately $155 million of identified net synergies. The transaction is valued at $540 million, made up of approximately 50 million shares to be issued at a fixed price of $7.50 per share, with the remaining consideration funded with cash on hand. The result will be a more diverse shareholder base, with CWT shareholders owning approximately 10% of the combined company. The transaction is now expected to close in the third quarter, subject to the satisfaction of the remaining closing conditions. About Amex GBT 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 strong 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. Visit for more information about Amex GBT. Follow @amexgbt on X, LinkedIn and Instagram. Forward-Looking Statements This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our current expectations or forecasts of future events. These statements constitute projections, forecasts and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this communication are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us, including as a result of the transaction, will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) the impact of geopolitical conflicts, including the war in Ukraine and the conflicts in the Middle East, as well as related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (7) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (8) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (9) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in-person business meetings and demand for travel and our services); (10) the effect of legal, tax and regulatory changes; (11) the decisions of market data providers, indices and individual investors; (12) the outcome of any legal proceedings that may be instituted against Amex GBT or CWT in connection with the transaction; (13) the inability to complete the transaction; (14) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete the transaction; (15) the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction; (16) the inability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (17) costs related to the transaction; (18) risks related to the business of CWT or unexpected liabilities that arise in connection with the transaction or the integration with CWT; (19) the risk that the assumptions, estimates and estimated adjustments described in this communication may prove to be inaccurate; and (20) other risks and uncertainties described in the Company's Form 10-K, filed with the SEC on March 7, 2025, and in the Company's other SEC filings. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Time of India
22-07-2025
- Business
- Time of India
One password, 700 jobs lost: How a ransomware attack crushed a 158-year-old UK firm
It took just one weak password for cybercriminals to bring down KNP, a 158-year-old transport company based in Northamptonshire—leaving 700 people without jobs and a legacy in ruins. KNP, which operated a fleet of 500 lorries under the Knights of Old brand, is one of tens of thousands of UK businesses hit by ransomware gangs. Even retail giants like M&S, Harrods, and Co-op have been recent targets. Co-op's CEO confirmed that data from all 6.5 million members had been stolen in a recent attack. Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics healthcare Public Policy Cybersecurity Digital Marketing Product Management MCA MBA Management Data Science Healthcare Artificial Intelligence Degree PGDM Finance others Design Thinking Project Management Leadership Data Science Others CXO Operations Management Technology Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details In KNP's case, the breach likely began with hackers guessing a single employee's password. That opened the door to a full-scale digital siege. The attackers, identified as the notorious Akira ransomware group, encrypted the company's systems, locking staff out of critical data. The only way out? Pay a ransom that experts estimated could be as high as £5 million—a sum KNP couldn't afford. "If you're reading this it means the internal infrastructure of your company is fully or partially dead…Let's keep all the tears and resentment to ourselves and try to build a constructive dialogue," read the ransom note. Despite industry-compliant IT systems and cyber insurance, KNP had no way to recover its data. The company collapsed under the weight of the attack. Director Paul Abbott, visibly shaken, says he never told the employee whose password may have triggered the disaster. Live Events The UK has been the victim of many high-profile ransomware attacks in recent years, from the "WannaCry" cyber attack that crippled Britain's National Health Service in 2017 to the British Library suffering disruption when it refused to pay a ransom in 2023. Ransomware, which is malicious software used by criminals to access victims' computer systems, encrypt data, or steal information and hold it hostage until a ransom is paid, is estimated to cost the economy millions of pounds each year.
Business Wire
22-07-2025
- Business
- Business Wire
American Express Global Business Travel to Report Second Quarter 2025 Financial Results on August 5, 2025
NEW YORK--(BUSINESS WIRE)--American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ('Amex GBT' or the 'Company'), a leading software and services company for travel, expense, and meetings & events, today announced that it will report second quarter 2025 financial results on August 5, 2025, before the market opens. Chief Executive Officer Paul Abbott and Chief Financial Officer Karen Williams will discuss Amex GBT's financial performance and business outlook on a live audio webcast at 09:00 A.M. ET. The webcast is expected to last approximately one hour and will be accessible by visiting the Investor Relations section of Amex GBT's website at A replay of the webcast will be available on the website for at least 90 days following the event. About American Express Global Business Travel 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 strong 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. Visit for more information about Amex GBT. Follow @amexgbt on X (formerly known as Twitter), LinkedIn and Instagram.
