Amex GBT Acquires Controlling Stake in Kanoo Travel
By Harvey Chipkin
American Express Global Business Travel has entered into an agreement to acquire a controlling stake in Kanoo Travel, one of the largest travel management networks in the Middle East. Amex GBT will form a joint venture with parent company YBA Kanoo Group to provide managed travel and events services to clients in the region. Kanoo, which has been a 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 later 2019 or early next year. Amex GBT will hold 65 percent 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 percent stake in the joint venture.