American Express Co., the largest corporate card issuer in the world, announced a significant expansion of its travel management services with the acquisition of the London-based Thomas Cook Group Ltd.'s travel business and its U.S. unit, Thomas Cook Partnership.

The purchase will expand American Express' worldwide travel sales by 33%, to more than $12 billion a year, and give it a chance to increase its Corporate Card business. The price of the companies, which have a combined $3 billion in annual sales, is $375 million.

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