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Amex GBT buys controlling stake in Middle East partner
American Express Global Business Travel (GBT), has signed a definitive agreement to acquire a controlling stake in Kanoo Travel, one of the largest travel management networks in the Middle East.
GBT will form a joint venture with parent company YBA Kanoo Group to provide managed travel and events services to clients in the Middle East.
Kanoo Travel, which has been a key member of GBT’s global travel partner network for many years, operates in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Oman. The transaction is subject to receipt of regulatory approvals and customary conditions and is expected to close in Q4 2019 or early Q1 2020.
GBT will hold 65% of the new joint venture, headquartered in Dubai, and assume management and operational control of the business and its 539 employees.
YBA Kanoo Group will hold the remaining 35% stake in the joint venture.
Elyes Mrad, GBT’s Managing Director, International, said: "Kanoo Travel has been a trusted, long-term partner for GBT in the region for many years and is known and respected by many of our clients.
"The creation of the joint venture will enhance how we service those clients and their travellers by combining Kanoo’s region-specific expertise with the backing of GBT’s global scale and technology."
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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