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AmEx GBT to go public in USD5.3 billion SPAC deal
American Express Global Business Travel plans to go public in a deal worth about $5.3 billion.
It will merge with an Apollo Management-backed blank check company for a SPAC listing.
The deal with Apollo Strategic Growth Capital is expected to be finalized in the first half of 2022.
"We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing choice and experiences to our customers and partners," said CEO Paul Abbott.
The transaction involves funding of $1.2 billion, including a $335 million private investment in public equity from companies including Sabre Corp.
Amex GBT is owned jointly by American Express Co and investment firm Certares LP.
AmEx GBT recently acquired corporate travel firm Egencia from Expedia Group.
The newly merged company will be renamed Global Business Travel Group and will trade on the New York Stock Exchange under the ‘GBTG’ ticker.
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