American Express Global Business Travel (Amex GBT), operated by Global Business Travel Group Inc., has entered into a definitive agreement to be acquired by Long Lake Management in an all-cash transaction valued at approximately $6.3 billion.
Under the agreement, Amex GBT shareholders will receive $9.50 per share in cash, representing a 60.2 per cent premium over the company’s closing stock price on May 1, 2026, and a 65.1 per cent premium over the 30-day volume weighted average share price ending on the same date.
The transaction negotiations were led by a Special Committee of the Amex GBT Board of Directors comprising independent directors. Following the committee’s unanimous recommendation, the Amex GBT Board 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 traveller: 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.”
The transaction is expected to close in the second half of 2026, subject to customary conditions including shareholder approval and regulatory clearances. Following completion, Amex GBT will become a privately held company and its shares will no longer be publicly traded.
The merger is not subject to financing conditions. Long Lake may also enter into rollover agreements with certain significant shareholders relating to a portion of their holdings, following authorisation from the Special Committee.
American Express, Expedia Group, Qatar Investment Authority and BlackRock, together representing 69 per cent of GBT’s shares, have entered into voting agreements supporting the transaction.
The acquisition will be financed through equity from Long Lake’s investors and Koch Equity Development, along with committed debt financing from JPMorgan Chase, Bank of America, Citigroup and MUFG.
Rothschild & Co. and Kirkland & Ellis LLP advised the Special Committee, while Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Amex GBT. Citi acted as lead financial advisor to Long Lake, alongside JPMorgan and BofA Securities.
