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
Tags: Suzanne Neufang, Global Business Travel Association Patrick Andersen CWT Amex GBT Paul Abbott
