UK competition watchdog flags concerns over Global Business Travel Group-CWT deal

(Reuters) -Britain's competition regulator said on Tuesday it has found competition concerns over Global Business Travel Group's planned $570 million acquisition of CWT Holdings LLC.

The Competition and Markets Authority (CMA) said the deal between the suppliers of business travel services to corporate customers could lead to worsened quality of service, higher prices and reduced innovation efforts.

"Following the merger, there would be a very small pool of providers capable of catering to the business travel needs of GMN (global multinational) customers," the regulator said in a statement.

The CMA said the parties have until Aug. 6 to offer undertakings to the watchdog to address the competition concern.

Global Business Travel announced its intention to acquire CWT in March.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Eileen Soreng)