GBTG Completes Cash Merger with American Express Company

Global Business Travel (GBTG) has completed its cash merger, marking a significant development in the travel industry. As per the terms of the merger, American Express Company's subsidiary, Amex HoldCo, had 157,786,199 shares of GBTG that were cancelled and converted into the right to receive $9.50 per share in cash.

The effective time for the merger was September 29, 2026, after which American Express Company reported that it no longer beneficially owns any GBTG shares and ceased to own more than 5% of the class. The Voting and Support Agreement and the Shareholders Agreement were terminated, except for provisions that expressly survive.

The merger consideration of $9.50 per share in cash was provided to eligible shareholders, including Amex HoldCo. This move is expected to have significant implications for the travel industry, particularly for companies involved in global business travel.