American Express Global Business Travel (GBT) is working with advisors to explore a potential sale amid uncertainty around stock performance and evolving industry competition, according to a Bloomberg report that cites people familiar with the situation.

The company, which was spun out of American Express and went public in 2022, is expected to attract interest from other corporate travel platforms and private equity buyers in this potential sale process, according to the report.

Shares in Amex GBT, which is listed on the New York Stock Exchange, were up 3% to $7.32 at close yesterday, but are down 20% since the start of the year.

The company’s third quarter earnings saw a significant increase in revenue and transactions following its acquisition of CWT, with revenue up 13% year over year to $674 million and transactions up 19%. Excluding CWT’s volume, revenue was up 3% year over year in the third quarter, and transactions increased by 4%. Total transaction value incorporating CWT’s business increased 23% year over year to $9.5 billion. Excluding CWT, the increase was 9% year over year.

In September, Amex GBT completed the $540 million acquisition of CWT — about17 months after first announcing its plans — and is now acting on facilitating $155 million in “synergies” it expects to make within the next three years.

In October, Amex GBT announced a “strategic alliance” with booking and expense specialist Concur that would include the launch of a new platform called Complete for joint customers of the companies.