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Phase 2

The phase 2 investigation is being conducted under the CMAs new merger process, which applies to cases opened since 25 April 2024.

Administrative timetable

• Administrative timetable (PDF, 107KB) (30.8.24)

Contact

gbt.cwt@cma.gov.uk

Responses to the invitation to comment on remedies

• Submission from a third party (PDF, 116KB) (24.12.24)

Responses to the interim report

• Submission from a third party (PDF, 186KB) (24.12.24)

Invitation to comment on remedies

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 is 5pm on Monday 2 December 2024.

• Invitation to comment on remedies (PDF, 193KB) (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) (6.11.24)

• Interim report (PDF, 1012KB) (14.11.24)

• Appendices and glossary (PDF, 1237KB) (14.11.24)

• Interim report summary (PDF, 144KB) (6.11.24)

• Press release: CMA publishes interim report in corporate travel merger (6.11.24)

Responses to the Phase 1 Decision

• Parties joint responses (PDF, 858KB) (4.10.24)

Inquiry group appointed

12 August 2024: The CMA has appointed the inquiry group:Martin Coleman (Chair), Colleen Keck, Juliet Lazarus and 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) (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) (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) (30.8.24)
• Summary of phase 1 decision (PDF, 150KB) (30.7.24)
• Press notice: 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) (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) (4.6.24)

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Written representations about any competition issues should be provided by the deadline set out above.

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 proce

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