Amex Global Business Travel to be acquired by Long Lake for $9.50 per share

American Express Global Business Travel (GBTG), which is operated by Global Business Travel Group, announced that it has entered into a definitive agreement to be acquired by Long Lake Management for $9.50 per share in an all-cash transaction valued at approximately $6.3B. Under the terms of the agreement, Amex GBT shareholders will receive $9.50 per share in cash, which represents a 60.2% premium to Amex GBT’s closing stock price on May 1, 2026, the last full trading day prior to the transaction announcement, and a premium of approximately 65.1% over the volume weighted average price of Amex GBT’s stock for the 30 days ending May 1, 2026. Transaction negotiations were led by a Special Committee of the Amex GBT Board of Directors, composed entirely of independent and disinterested directors. Following the unanimous recommendation of the Special Committee, the Amex GBT Board of Directors approved the merger agreement with Long Lake. The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including approval by Amex GBT’s stockholders and receipt of requisite regulatory clearances. Upon completion of the transaction, Amex GBT’s common stock will no longer be publicly listed, and Amex GBT will become a privately held company. The consummation of the merger is not subject to any financing condition. Long Lake intends to have discussions with certain significant stockholders of the Company relating to a potential rollover of a portion of their Amex GBT shares, which discussions have been authorized by the Special Committee, and may enter into rollover agreements with one or more of those parties in advance of the transaction closing. 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 transaction is being financed with a combination of equity provided by Long Lake’s existing investors and Koch Equity Development, the principal investment and acquisition arm of Koch, Inc. and committed debt financing provided by JPMorgan, Bank of America, Citi, and MUFG.