American Express Global Business Travel is to buy its rival travel management company CWT in a $570 million deal.

The deal will be funded by a combination of shares and cash and is expected to be finalised in the second half of this year, subject to regulatory and other approvals.

Amex GBT said its acquisition of CWT will increase it global clients by 4,000 to around 24,000. It has identified around $155m annual synergies within the next three years of the acquisition.

Amex GBT CEO Paul Abbott said: “Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers, more opportunities for people and more value for shareholders.”

CWT CEO Patrick Andersen said: “Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. We are highly confident in the value creation of the combined company.”