Business travel has been greatly curtailed since the coronavirus pandemic hit leading to restrictions on international travel that have not fully been lifted.
That has not dimmed the long-term optimism for the category by Apollo Global Management, (APO) – Get Apollo Global Management Inc. Class A Report which has backed a blank-check company that will merge with American Express Global Business Travel to bring the company public in a roughly $5.3 billion deal, The Wall Street Journal reported.
American Express (AXP) – Get American Express Company Report owns 50% of the global travel booking service, which will become a public entity after it merges with the special-purpose-acquisition-company, or Spac, Apollo Strategic Growth Capital. The deal could close as soon as today, according to The Journal.
Will Global Business Travel Recover?
Global business travel was basically cut in half in 2020, dropping to $694 billion (52%), according to the Global Business Travel Association….