Reportedly, American Express Global Business Travel has announced to merge into with Apollo Global Management Inc. backed blank-check firm or SPAC to go public in a deal valued at around $5.3 billion. The deal with Apollo Strategic Growth Capital (ASGC) is expected to deliver gross proceeds of up to $1.2 billion, including a $335 million private investment in public equity, or PIPE.
Investors in the PIPE included investment manager Ares Management Corp, travel technology company Sabre Corp and Zoom Video Communications Inc. The combined company will be called Global Business Travel, following the merger, but will continue to do business under the AmEx GBT brand name. AmEx GBT was a wholly-owned unit of American Express Co until 2014, but the company sold half its stake to a consortium led by investment firm Certares LP.
The deal is expected to close in the first half of 2022, after which Global Business Travel will be listed on the New York Stock Exchange under the symbol “GBTG.”
Dow 30 component American Express Company (AXP) and its subsidiaries provide customers and businesses with charge and credit payment card products and travel-related services globally. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.
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