Investment holding company Long Lake Management is set to acquire American Express Global Business Travel for approximately $6.3 billion in an all-cash transaction, with shares valued at $9.50 each.
The deal is expected to close in the second half of the year, making Amex GBT a privately held company again. The news follows rumors of a sale in November, just over three years after the company went public.
Paul Abbott, CEO of Amex GBT, said the transaction stands as a testament to Amex GBT’s value—and the success of its strategy.
“This agreement delivers a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium,” Abbott said. “Our customers have always been at the heart of Amex GBT, and this partnership with Long Lake is about serving them even better.”
With the addition of Long Lake’s AI capabilities, Abbott said Amex GBT is positioned to drive the transformation of corporate travel.
Abbott called out General Catalyst and Alpha Wave—two of Long Lake’s investors—as having backed “some of the most successful technology companies in the world.”
Ken Chenault, chairman and managing director of General Catalyst, who was formerly chairman and CEO of American Express, said he was pleased for both companies.
“American Express Global Business Travel was built on trust earned over decades,” Chenault said. “Similarly, the foundation of the Long Lake model is a strong commitment to extraordinary customer service for the modern era. I am so pleased for both companies, their customers, and the people dedicated to their success—now and in the future."
The deal was led by a Special Committee of the Amex GBT Board of Directors, which unanimously recommended the merger. The Amex GBT Board of Directors then approved the agreement.
Alex Taubman, co-founder and CEO of Long Lake, called Amex GBT the “most trusted partner in corporate travel.”
“The future of business travel will be defined by AI and human agents working seamlessly together on behalf of every traveler: faster booking times, proactive disruption resolution, and frictionless travel administration,” Taubman said. “In partnership with Long Lake, Amex GBT will continue to invest heavily in these capabilities and continue to set the gold standard for customer excellence.”
The transaction is subject to closing conditions including approval from Amex GBT stockholders and regulatory clearances. The merger is not under any financing conditions. Long Lake plans to have discussions with certain stakeholders regarding a potential rollover of their Amex GBT shares and may enter into agreements ahead of closing.
American Express, BlackRock, Expedia and Qatar Investment Authority, which together represent 69% of Amex GBT's shares, have supported the transaction in voting agreements.