The planned acquisition by American Express Global Business Travel of Egencia has multiple implications depending on the party in question. For GBT, it's about scale, particularly in the online midmarket. GBT has long coveted this segment, which has a fresh batch of well-funded competition. The deal will avail GBT's big corporate accounts of more attractive hotel rates and could advance the argument for shrinking direct hotel negotiations. For Expedia Group, it's about selling more hotel rooms to business travelers and . . .

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