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Long Lake Agrees to Acquire American Express Global Business Travel, the World's Largest Corporate Travel Platform, for $6.3 Billion, With Support From General Catalyst and Alpha Wave

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  • Amex GBT 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 65.1% premium over the 30-day volume-weighted average price.
  • Major shareholders representing 69% of GBT's shares, including American Express, Expedia, Qatar Investment Authority, and BlackRock, have entered voting agreements to support the transaction.
  • The American Express brand licensing agreement will remain in place to ensure continuity for clients, partners, and travelers.
  • The transaction combines Long Lake's applied AI capabilities with Amex GBT's marketplace, customer relationships, and technology solutions.
  • The merger is expected to close in the second half of 2026, subject to stockholder approval and regulatory clearances.
  • Upon completion, Amex GBT's common stock will no longer be publicly listed, and the company will become privately held.
  • The deal is financed through equity from Long Lake's investors, Koch Equity Development LLC, and committed debt financing from JPMorgan, Bank of America, Citi, and MUFG.
  • General Catalyst and Alpha Wave are among the key investors backing Long Lake.
  • The Special Committee of the Amex GBT Board of Directors, composed entirely of independent directors, unanimously recommended the merger.