American Express Global Business Travel Acquired by Long Lake for $6.3 Billion

Long Lake Management has agreed to acquire American Express Global Business Travel (NYSE: GBTG), the world's largest corporate travel platform, for $9.50 per share in an all-cash deal valued at approximately $6.3 billion. The offer represents a 60.2% premium to GBTG's closing price on May 1 and a 65.1% premium to its 30-day volume-weighted average price, triggering a sharp rally in GBTG shares.

American Express will divest its roughly 30% stake as part of the transaction, generating approximately $1.5 billion in proceeds and a pre-tax gain of ~$975 million for the card network. General Catalyst and Alpha Wave are backing Long Lake in the deal. Major shareholders including AmEx, Expedia, Qatar Investment Authority, and BlackRock — collectively representing approximately 69% of GBTG shares — have already signed voting agreements in support of the acquisition.

Upon completion, GBTG will be delisted and become a privately held company. The transaction is subject to regulatory approvals and GBTG stockholder sign-off, with closing expected in the second half of 2026. Analysts noted the deal removes a public overhang that had weighed on GBTG's valuation, as the company faced rising competition in managed corporate travel from Amex GBT rivals and fintech entrants.

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