American Express Global Business Travel (Amex GBT) announced it has entered into a definitive agreement to be acquired by Long Lake Management for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion.
Under the terms of the agreement, Amex GBT shareholders will receive $9.50 per share in cash, which represents a 60.2% premium to Amex GBT’s closing stock price on May 1, 2026, the last full trading day prior to the transaction announcement, and a premium of approximately 65.1% over the volume weighted average price of Amex GBT’s stock for the 30 days ending May 1.
Paul Abbott, CEO of Amex GBT, said: “This transaction is a testament to the value of Amex GBT, the success of our strategy and the strength of our incredible team.” This agreement, he said, “delivers a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium.”
Amex GBT’s customers, said Abbott, “have always been at the heart of Amex GBT, and this partnership with Long Lake is about serving them even better.” General Catalyst and Alpha Wave, among Long Lake’s investors, he said, have backed some of the most successful technology companies in the world, according to the announcement. Together with Long Lake’s applied AI capabilities and Amex GBT’s travel expertise, global scale and trusted customer and supplier relationships built over decades, said Abbott, “Amex GBT is driving the transformation of business travel.”
Ken Chenault, chairman and managing director, General Catalyst and former CEO of American Express, said: “American Express Global Business Travel was built on trust earned over decades. Similarly, the foundation of the Long Lake model is a strong commitment to extraordinary customer service for the modern era. I am so pleased for both companies, their customers and the people dedicated to their success — now and in the future.”
Alex Taubman, CEO of Long Lake, said: “Amex GBT is the most trusted partner in corporate travel. The future of business travel will be defined by AI and human agents working seamlessly together on behalf of every traveler: faster booking times, proactive disruption resolution, and frictionless travel administration. In partnership with Long Lake, Amex GBT will continue to invest heavily in these capabilities and continue to set the gold standard for customer excellence.”
The transaction is expected to close in the second half of this year, subject to the satisfaction of customary closing conditions, including approval by Amex GBT’s stockholders and receipt of requisite regulatory clearances. Upon completion of the transaction, Amex GBT’s common stock will no longer be publicly listed, and Amex GBT will become a privately held company.
The transaction is being financed with a combination of equity provided by Long Lake’s existing investors and Koch Equity Development LLC, the principal investment and acquisition arm of Koch, Inc.; and committed debt financing provided by JPMorgan, Bank of America, Citi and MUFG.
