American Express Global Business Travel has agreed to merge with “blank-check”
special purpose acquisition company Apollo Strategic Growth Capital in a deal
that would take the company public with a $5.3 billion valuation. The combination
is expected to close in the first half of 2022, pending shareholder and
regulatory approvals. The company said the move would create the world’s
largest publicly traded business-to-business travel platform.
The merged entity plans to list on the New York Stock Exchange
under “GBTG,” which reflects its new name Global Business Travel
Group, Inc. However, the B2B travel agency will continue to conduct day-to-day
business under its existing name and brand American Express Global Business
Travel, thanks to an 11-year deal that will allow the company to use the
trademark for both its business travel and meetings and events divisions.
Becoming a public company will be a historic milestone on GBT’s growth journey. Commitments from new…
#featured #travelnews