Long Lake to Acquire American Express Global Business Travel for $6.3 Billion

American Express Global Business Travel, operated by Global Business Travel Group, Inc. (NYSE: GBTG), has agreed to be acquired by Long Lake Management for $9.50 per share in cash, valuing Amex GBT at approximately $6.3 billion.

Amex GBT shareholders will receive $9.50 per share in cash, representing a 60.2% premium to Amex GBT’s closing stock price on May 1, 2026, 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.

Major shareholders, including American Express, Expedia, Qatar Investment Authority, and BlackRock, collectively representing 69% of Amex GBT’s shares, have entered into voting agreements in support of the transaction. The American Express brand licensing agreement will remain in place following the acquisition.

A Special Committee of the Amex GBT Board of Directors, composed entirely of independent and disinterested directors, led the negotiations for the transaction. The Amex GBT Board of Directors approved the merger agreement with Long Lake following the unanimous recommendation of the Special Committee.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Amex GBT’s stockholders and receipt of requisite regulatory clearances. Upon completion, Amex GBT’s common stock will no longer be publicly listed, and Amex GBT will become a privately held company.

The merger is not subject to any financing condition. Long Lake intends to discuss with certain significant stockholders of Amex GBT a potential rollover of a portion of their shares, as authorized by the Special Committee, and may enter into rollover agreements with one or more of those parties prior to closing.

The acquisition is being financed with equity provided by Long Lake’s existing investors and Koch Equity Development LLC, as well as committed debt financing from JPMorgan, Bank of America, Citi, and MUFG.

Rothschild & Co. is acting as financial advisor to the Special Committee, with Kirkland & Ellis LLP serving as legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP is legal counsel to Amex GBT. Citi is acting as lead financial advisor to Long Lake, with JPMorgan and BofA Securities also advising Long Lake. Latham & Watkins LLP is legal counsel to Long Lake, with Gibson Dunn as financing counsel. Moelis & Company LLC is a financial advisor to Koch Equity Development, and Jones Day is serving as its legal counsel.