Long Lake agrees to acquire American Express Global Business Travel, the world’s largest corporate travel platform, for $6.3 billion, with support from General Catalyst and Alpha Wave
- Jun 4
- 3 min read
American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) (“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.
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