SEISMIC CHANGES IN EUROPE
EUROPE'S LEADING TMCs 2026
Europe dropped roughly €360 billion ($414 billion) on business travel in 2025, according to the GBTA's Business Travel Index Outlook
22 June 2026
At the time of its release, Suzanne Neufang, CEO of the Global Business Travel Association said, “The data confirms for Europe what many in the industry are experiencing firsthand ─ organisations are continuing to invest in business travel as a catalyst for growth, innovation and connection, even in the face of economic and geopolitical uncertainty. At the same time, sustainability and traveller experience are no longer optional—they’re essential. European companies and business travellers are leading the way in demanding responsible, productive and impactful journeys.”
According to the research, Western Europe accounted for 88 per cent of total European business travel spend, while emerging Europe represented the remaining 12 per cent. The top six Europe business travel markets in 2025 ranked by annual origination spending ─ Germany, UK, France, Italy, Spain and the Netherlands ─ collectively represent just over 241.5 billion euros ($277.6 billion). This represents 17.7 per cent of the total global spending of 1,36 trillion euros ($1.57 trillion).
The biggest event in the TMC space in 2025 was the approval by competition authorities of the merger of the two biggest TMCs globally – Amex GBT and CWT. In March 2025, the UK’s Competition and Markets Authority waved the merger through.
Martin Coleman, chair of the independent panel of experts who conducted the investigation, said: “Having reviewed all the evidence thoroughly over the course of our investigation we have concluded, given the weaker position CWT plays in the corporate travel market and the alternatives available, that this deal should be allowed to proceed.”
In July, the US Department of Justice dropped its own lawsuit against the merger.
Announcing the green light for the $540 million deal Amex GBT CEO Paul Abbott said, “We recognise 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.”
CWT CEO, Patrick Andersen said, “We are pleased that the DOJ has come to this conclusion. 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.”
EUROPE'S LEADING TMCS 2026 (1-50)
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The merger is having knock-on effects in European markets.
Alexandre Veau of Impact Consultants said, “The merger raises questions of competition and choice for customers. To obtain the green light, Amex GBT had to commit to temporarily opening CWT's partner network to other TMCs in order to preserve competition. Nevertheless, the merger de facto reduces the alternatives for large accounts on complex multi-country contracts: only Amex GBT and BCD Travel now have the critical global size.”
He added, “The execution of the integration will be a major short-term challenge for CWT clients. While Amex GBT promises them ‘more choice, value and experience’ through its travel, expense, M&E and duty of care solutions, the migration of tools, team training, contract revision and maintaining service quality will be crucial issues. The targeted synergies ($155 million by year three) imply a significant rationalisation of costs and processes.”
He said, “By consolidating volumes, Amex GBT considerably strengthens its negotiating power with suppliers (airlines, hotel groups, rental companies, GDSs, etc.). The objective is to integrate CWT customers into Amex GBT's marketplace to provide them with preferential conditions. Some analysts estimate that Amex GBT could capture up to 40 per cent of the large account segment, giving it a dominant position with suppliers.”
He concluded, “This merger is both an opportunity and a risk for competitors. Players such as BCD Travel, FCM or Perk can target dissatisfied CWT customers by highlighting the flexibility of their tools and teams. But Amex GBT becomes more attractive in global tenders thanks to its size, geographic footprint and expanded capabilities.
Fredrik Hermelin, general manager of the Swedish Business Travel Association, said: “For Nordic buyers, the immediate effect was not dramatic disruption, but it did raise important questions about competition, choice, service levels, pricing power and global account management.”
He added, “For large multinational companies, the combined scale may bring benefits: stronger technology investment, broader global servicing, data capabilities, meetings and events support, and stronger supplier leverage. But consolidation also creates concern. Nordic buyers value transparency, flexibility and local understanding. A larger global TMC does not automatically mean better service in a Nordic context. The merger also creates opportunities for regional and specialist TMCs.”
As a result of the merger, Norwegian-owned Berg-Hansen has entered the Swedish market while Navan is becoming more visible. FCM Travel and BCD Travel have continued to strengthen their Nordic positions.
As of the 2026 report, CWT is no longer listed in BTN Europe’s Leading TMCs. Other big TMC news across the last 12 months relates to the financial results of Corporate Travel Management. In September, the Australian-headquartered TMC said it would delay its full year 2025 results after auditors identified problems with its accounts which would mean it needed to make adjustments to when revenues were recognised and costs were incurred. It said previous years’ results might also need to be restated. Since then, the TMC has admitted that it had overcharged customers, including the UK government, by £118 million. Michael Healy, the TMCs European head, was dismissed in December 2025 over its financial troubles.
As a result of the financial uncertainty, BTN Europe has not offered an estimate of CTM’s 2025 revenues and has taken the decision not to include CTM in this year’s listing.