U.K. Watchdog Says Global Business Travel Group, CWT Deal Raises Competition Concerns

Dow Jones11-06

By Michael Susin

The U.K. Competition and Markets Authority said Global Business Travel Group's planned acquisition of CWT Holdings LLC could substantially lessen competition.

The regulator said Wednesday that the merger of the travel-management companies could lead to reduced choice and higher prices for customers, following an investigation that started on July 30.

"The merged business would be, by far, the largest supplier in the market, with the second largest player around half the size of the merged business," it said.

The acquisition was announced in March and valued CWT, which is majority owned by Redwood Capital Management, at $570 million in cash and stock.

The watchdog invited any related parties to respond to these competition concerns by no later than Nov. 27.

Neither company were immediately available for comment.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

November 06, 2024 09:47 ET (14:47 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2481983252?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-06 22:47","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2481983252","market":"other","top_or_hot":-1,"title":"U.K. Watchdog Says Global Business Travel Group, CWT Deal Raises Competition Concerns","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Michael Susin \n</p>\n<pre>\n \n</pre>\n<p>\n  The U.K. Competition and Markets Authority said Global Business Travel Group's planned acquisition of CWT Holdings LLC could substantially lessen competition. \n</p>\n<p>\n  The regulator said Wednesday that the merger of the travel-management companies could lead to reduced choice and higher prices for customers, following an investigation that started on July 30. \n</p>\n<p>\n  \"The merged business would be, by far, the largest supplier in the market, with the second largest player around half the size of the merged business,\" it said. \n</p>\n<p>\n  The acquisition was announced in March and valued CWT, which is majority owned by Redwood Capital Management, at $570 million in cash and stock. \n</p>\n<p>\n  The watchdog invited any related parties to respond to these competition concerns by no later than Nov. 27. \n</p>\n<p>\n  Neither company were immediately available for comment. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Michael Susin at michael.susin@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 06, 2024 09:47 ET (14:47 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.K. Watchdog Says Global Business Travel Group, CWT Deal Raises Competition Concerns</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.K. Watchdog Says Global Business Travel Group, CWT Deal Raises Competition Concerns\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-06 22:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Michael Susin \n\n\n \n\n\n  The U.K. Competition and Markets Authority said Global Business Travel Group's planned acquisition of CWT Holdings LLC could substantially lessen competition. \n\n\n  The ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4142","symbol_name":"酒店、度假村与豪华游轮","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2481983252","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481983252","pubTimestamp":1730904420,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"The U.K. Competition and Markets Authority said Global Business Travel Group's planned acquisition of CWT Holdings LLC could substantially lessen competition.The regulator said Wednesday that the merger of the travel-management companies could lead to reduced choice and higher prices for customers, following an investigation that started on July 30.\"The merged business would be, by far, the largest supplier in the market, with the second largest player around half the size of the merged business,\" it said.The acquisition was announced in March and valued CWT, which is majority owned by Redwood Capital Management, at $570 million in cash and stock.The watchdog invited any related parties to respond to these competition concerns by no later than Nov. 27.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4142":"酒店、度假村与豪华游轮","BK4172":"水公用事业","CWT":"California Water Service Group","GBTG":"Global Business Travel Group, Inc."},"translate_title":"英国监管机构称全球商务旅行集团与CWT的交易引发竞争担忧","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CWT":1,"GBTG":0.9},"content_text":"By Michael Susin \n\n\n \n\n\n  The U.K. Competition and Markets Authority said Global Business Travel Group's planned acquisition of CWT Holdings LLC could substantially lessen competition. \n\n\n  The regulator said Wednesday that the merger of the travel-management companies could lead to reduced choice and higher prices for customers, following an investigation that started on July 30. \n\n\n  \"The merged business would be, by far, the largest supplier in the market, with the second largest player around half the size of the merged business,\" it said. \n\n\n  The acquisition was announced in March and valued CWT, which is majority owned by Redwood Capital Management, at $570 million in cash and stock. \n\n\n  The watchdog invited any related parties to respond to these competition concerns by no later than Nov. 27. \n\n\n  Neither company were immediately available for comment. \n\n\n \n\n\n  Write to Michael Susin at michael.susin@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 06, 2024 09:47 ET (14:47 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481983252"}