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Amex to buy Rosenbluth
American Express agreed to purchase Rosenbluth International – a move that will hugely expand Amex’s lead as the largest corporate travel management company in the world.
The deal, which is subject to regulatory approval, sees Amex purchase all shares in Rosenbluth for an undisclosed sum.
The two companies are the number one and number five US-based travel agencies and between them booked $18.5 billion in global travel volume last year. Amex was reponsible for the larger share of $15.5 billion.
Amex Global Corporate Services group president, Ed Gilligan says the deal will deliver cost savings through economies of scale and allow Amex to invest more in technology.
The Rosenbluth name will disappear, although chairman and chief executive, Hal Rosenbluth, says he will take an active role in the integration process. Both companies have been operating for more than 100 years.
The deal excludes some Rosenbluth assets including Up/Stream, an outsourced customer care business.
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