With the announcement of its $570 million acquisition of rival mega travel management company CWT, American Express Global Business Travel, led by CEO Paul Abbott, has set the stage for one of the largest TMC mergers in recent history.

The acquisition even outsizes some of the big mergers that have built Amex GBT into what it is today. When it was announced in March, the TMCs reported that CWT was projected to have $14 billion in total transaction value this year and $850 million in revenue. Merging with Amex GBT would add about 4,000 customers and boost Amex GBT’s TTV by 45 percent and revenue by 33 percent.

By comparison, Amex GBT’s 2018 acquisition of HRG, then the fourth-largest TMC, boosted its TTV by 25 percent. When it acquired Egencia in 2021, it boosted its TTV by 27 percent.

Abbott also noted the deal would grow Amex GBT’s small and midsized client segment by 35 percent and would give it “significant volume to create dedicated verticals” in segments where CWT has a strong presence, such as energy, resources and marine travel; media, entertainment and sports; and defense and government.

However, Amex GBT has highlighted impact outside of size and customers, viewing the acquisition as a chance build on its “vision of a tech-enabled future for business travel.” One big opportunity it identified was the generative AI cases within the myCWT platform. Abbott has been vocal about shedding the “legacy TMC” label as it competes with the newer tech-forward entrants in the TMC space.

Whether the acquisition is ultimately able to pass regulatory muster remains unknown, with the effects on competition under investigation by the U.K.’s Competition and Markets Authority, leading to another entry on this Top 25 list. If it does, analysts have said to watch for “knock-on” decisions by other players seeking to secure their own market decision, potentially opening a new wave of M&A activity.