American Express Global Business Travel (GBT) announced on Friday that it will go public, entering into a definitive business combination agreement with Apollo Strategic Growth Capital (APSG) in a move expected to create the world's largest publicly traded B2B travel platform.
The two companies will combine at pro forma market capitalization of $5.3 billion and the new listing on the New York Stock Exchange (NYSE) is projected to accelerate growth strategy and provide additional investment capacity.
The move was made possible by a number of key investors, including Apollo, Ares, HG Vora, Sabre and Zoom.
Upon the closing of the transaction, these companies will join American Express Company, one of the world's largest payment and card services providers, Expedia Group, one of the world's largest online travel businesses, and Certares, a travel investment specialist, as shareholders. The new company will list on the NYSE under the ticker symbol "GBTG."
GBT will continue to have the right to use the American Express trademark in connection with the American Express Global Business Travel and American Express GBT Meetings & Events brands under an 11-year agreement set to take effect upon closure of the transaction.
"Becoming a public company will be a historic milestone on GBT's growth journey. Commitments from new investors like Zoom, Sabre, Apollo, Ares and HG Vora are a huge vote of confidence in our business and the future of business travel, and meetings and events," Paul Abbott, GBT's Chief Executive Officer, said in a statement. "We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners."
"American Express Global Business Travel is an industry leader with an incredible brand, strong management team and highly strategic shareholder base. This combination is an exciting and unique opportunity to support a leading company with strong staying power and the opportunity to accelerate its growth as a public company," added Itai Wallach, Partner at Apollo.
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