Overview
- The companies signed a definitive agreement Monday that values Amex GBT at $9.50 per share and sets a planned closing in the second half of 2026, pending shareholder and regulatory approvals.
- An independent special committee led the talks and won full board approval, while American Express, Expedia, Qatar Investment Authority, and BlackRock agreed to vote their 69% stake for the deal.
- Long Lake will use equity from its investors and Koch Equity Development with debt arranged by JPMorgan, Bank of America, Citi, and MUFG, and the merger is not subject to financing conditions.
- GBTG shares jumped about 57% after the announcement, following a first-quarter report that topped revenue and earnings estimates and prompted the company to suspend forward guidance.
- American Express expects about $1.5 billion in cash and a $975 million pre-tax gain from its stake, and the brand-licensing agreement that lets Amex GBT use the American Express name will remain in place.