American Express Global Business Travel, operated by Global Business Travel Group and listed on the NYSE under the ticker GBTG, has entered into a definitive agreement to be acquired by Long Lake Management in an all-cash transaction valued at approximately $6.3 billion. Amex GBT shareholders will receive $9.50 per share in cash, representing a 60.2% premium to Amex GBT’s closing stock price on May 1, 2026, and a premium of approximately 65.1% over the 30-day volume weighted average price ending that date.
The transaction was led by a Special Committee of the Amex GBT Board of Directors composed entirely of independent and disinterested directors, and was unanimously recommended by the Special Committee. American Express, Expedia, Qatar Investment Authority, and BlackRock, collectively representing 69% of GBT’s shares, have entered into voting agreements in support of the transaction. The deal is expected to close in the second half of 2026 and is not subject to any financing condition. Koch Equity Development is providing equity alongside Long Lake’s existing investors, with committed debt financing from JPMorgan, Bank of America, Citi, and MUFG.
Long Lake, founded in 2023 and backed by investors including General Catalyst and Alpha Wave, pioneers the use of frontier technology to accelerate services industries through its proprietary Nexus AI transformation platform. Upon closing, Amex GBT’s common stock will no longer be publicly listed.
Support: Rothschild and Co. served as financial advisor and Kirkland and Ellis as legal counsel to the Special Committee. Citi served as lead financial advisor to Long Lake, with JPMorgan and BofA Securities also advising. Latham and Watkins served as legal counsel to Long Lake with Gibson Dunn as financing counsel. Moelis and Company served as financial advisor and Jones Day as legal counsel to Koch Equity Development.
KEY QUOTES:
“This transaction is a testament to the value of Amex GBT, the success of our strategy and the strength of our incredible team. Our customers have always been at the heart of Amex GBT, and this partnership with Long Lake is about serving them even better. Together with Long Lake’s applied AI capabilities and our travel expertise, global scale, and trusted customer and supplier relationships built over decades, Amex GBT is driving the transformation of business travel.”
Paul Abbott, Chief Executive Officer, Amex GBT
“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.”
Alex Taubman, Co-Founder and CEO, Long Lake
“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.”
Ken Chenault, Chairman and Managing Director, General Catalyst
