by Donald Wood
Last updated: 2:15 PM ET, Mon May 4, 2026
WHY IT RATES: The
monumental purchase price showcases the power of the world’s largest corporate travel
platform.—Donald Wood, Managing Editor.
American Express Global Business Travel, which is operated
by Global Business Travel Group, Inc. (“Amex GBT” or the “Company”), a leading
software and services company for travel, expense and meetings & events,
today announced that it has entered into a definitive agreement to be acquired
by Long Lake Management (“Long Lake”) for $9.50 per share in an all-cash
transaction valued at approximately $6.3 billion.
Under the terms of the agreement, Amex GBT shareholders will
receive $9.50 per share in cash, which represents a 60.2% premium to Amex GBT’s
closing stock price on May 1, 2026, the last full trading day prior to the
transaction announcement, and a premium of approximately 65.1% over the volume
weighted average price of Amex GBT’s stock for the 30 days ending May 1, 2026.
Transaction negotiations were led by a Special Committee of
the Amex GBT Board of Directors, composed entirely of independent and
disinterested directors. Following the unanimous recommendation of the Special
Committee, the Amex GBT Board of Directors approved the merger agreement with
Long Lake.
Paul Abbott, Chief Executive Officer of Amex GBT, said:
“This transaction is a testament to the value of Amex GBT, the success of our
strategy and the strength of our incredible team. This agreement delivers a
compelling outcome for our shareholders, providing them a substantial, certain
cash value at an attractive premium. Our customers have always been at the
heart of Amex GBT, and this partnership with Long Lake is about serving them
even better. General Catalyst and Alpha Wave, among Long Lake’s world-class
investors, have backed some of the most successful technology companies in the
world. Together with Long Lake's applied AI capabilities and our travel
expertise, global scale, and trusted customer and supplier relationships built
over decades, Amex GBT is driving the transformation of business travel.”
Ken Chenault, Chairman and Managing Director, General
Catalyst; former Chairman and CEO, American Express said: "American
Express Global Business Travel was built on trust earned over decades.
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."
Alex Taubman, Co-Founder and CEO of Long Lake, said: “Amex
GBT is 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. 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.”
Certain Terms, Approvals and Timing
The transaction is expected to close in the second half of
2026, subject to the satisfaction of customary closing conditions, including
approval by Amex GBT’s stockholders and receipt of requisite regulatory
clearances. Upon completion of the transaction, Amex GBT’s common stock will no
longer be publicly listed, and Amex GBT will become a privately held company.
The consummation of the merger is not subject to any
financing condition. Long Lake intends to have discussions with certain
significant stockholders of the Company relating to a potential rollover of a
portion of their Amex GBT shares, which discussions have been authorized by the
Special Committee, and may enter into rollover agreements with one or more of
those parties in advance of the transaction closing.
American Express, Expedia, Qatar Investment Authority and
BlackRock, collectively representing 69% of GBT’s shares, have entered into
voting agreements in support of the transaction.
The transaction is being financed with a combination of
equity provided by Long Lake’s existing investors and Koch Equity Development
LLC (“Koch”), the principal investment and acquisition arm of Koch, Inc. and
committed debt financing provided by JPMorgan, Bank of America, Citi, and MUFG.
SOURCE: American Express
Global Business Travel press release.
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