Stocks
Long Lake Snaps Up Amex GBT in $6.3 Billion Deal
Long Lake Management has finalized its $6.3 billion acquisition of Global Business Travel Group Inc., the parent company of American Express Global Business Travel, taking it private.
The all-cash deal was approved by Amex GBT shareholders at a special meeting on August 3 and represents a 65.1% premium to the company’s 30-day volume-weighted average share price as of the date of the agreement.
Under the terms, shareholders received $9.50 per share in cash, ceasing trading and delisting from the New York Stock Exchange.
The acquisition pairs Amex GBT's global travel platform with Long Lake’s focus on deploying artificial intelligence across services businesses.