The 2025 list of business travel mergers and acquisitions features only a few more deals than in 2024, but it includes a mega one for the industry - the eventual completion of American Express Global Business Travel's purchase of CWT (first announced in March 2024), bringing together two of the three largest global travel management companies.
The year also saw additional movement in the TMC space, both in Europe and globally, while major European airlines continued to take stakes in other carriers and several technology deals were announced, including companies with AI offerings.
Major global hotel firms also snapped up more independent brands in 2025, while serviced apartment specialists SilverDoor and Synergy agreed to merge.
American Express GBT made the headlines again in October for its eye-catching new partnership with Concur, dubbed Complete, which will include an integrated travel and expense offering.
And in late November, reports broke that Amex GBT was exploring a sale, so keep your eye on the M&A space in 2026 for what is likely to be a year of highly anticipated activity.
Here's a list of mergers and acquisitions covered by BTN Europe, BTN and sister publication The Beat in 2025:
Travel Management Companies
Amex GBT completed CWT acquisition
ATG purchased CWT’s business operations in Germany
BizAway acquired Spanish TMC Aervio
Direct Travel acquired strategic partner ATPI
JTB purchased BTN parent Northstar Travel Group
Talma acquired Australia’s Bay Travel
Talma took a majority stake in US-based Solutions Travel
Trip.Biz acquired Key Travel for EMEA expansion
Airlines
Air France-KLM took majority shareholding in SAS
Air France-KLM bought minority stake in WestJet
Lufthansa purchased stake in AirBaltic
Lufthansa took 41% stake of ITA Airways
Pegasus purchased Czech Airlines and Smartwings
Turkish Airlines invested in Air Europa
Technology
UK’s Abingdon Software Group bought DCS Plus
American Express acquired payment technology provider Center
Cerebri AI acquired Serko's InterpIX
Mastercard took minority stake in Corpay
Airfare consolidator Mondee sale was cleared
Sabre sold Hospitality Solutions to TPG
Serko closed $12m purchase of GetThere
Solidea, Acquis invested in Cruising Altitude
Partnership Travel Consulting acquired Fare Audit
Perk (formerly TravelPerk) acquired spend management firm Yokoy
Warburg Pincus took controlling stake in Voll
Accommodation
GMH acquired London-based Signature Hotels
IHG snapped up 'premium urban' brand Ruby Hotels
Marriott acquired Netherlands-based CitizenM
Mint House acquired Locale
SilverDoor and Synergy agreed to merge
Tristan Capital Partners took over EasyHotel
Ground transport
Lyft entered European market with Freenow deal
Lyft snapped up UK’s TBR Global Chauffeuring
RMA acquired Delux Worldwide Transportation
Meetings
Bizly acquired group dining platform Kapow
Blackstone bought remaining Cvent shares from Vista
Cvent agreed to acquire ON24
Gattinoni acquired majority stake in events agency H&A
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