Amex GBT to Be Acquired by General Catalyst-Backed Long Lake for $6.3 Billion
Long Lake Management, a private equity firm backed by tech and travel investors General Catalyst and Alpha Wave, agreed to acquire American Express Global Business Travel for $6.3 billion in cash.
The all-cash deal, which is expected to close in the second half of the year, pending regulatory approvals, would give Amex GBT shareholders $9.50 per share, a 60.2% premium to the company’s closing share price May 1.
In a separate statement, American Express, which controls Amex GBT, said that Long Lake and General Catalyst agreed to acquire Amex GBT. American Express said it is selling its 30% stake in former subsidiary Amex GBT for $1.5 billion, and would record a $975 million pre-tax gain.
American Express said that its agreement to license its brand to Amex GBT and other commercial agreements will remain in place after the acquisition closes.
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