American Express Global Business Travel (GBT) will become a public
company through a special purpose acquisition company (SPAC) deal with Apollo
Strategic Growth Capital (APSG).
With plans to trade under the ticker GBTG, the company is expected
to have a market capitalization of $5.3 billion.
The transaction is expected to provide up to $1.2 billion of gross
proceeds, of which $335 million is fully committed from new investors including
Apollo, Sabre, Zoom Video Communications, private equity group Ares Management
Corporation and investment adviser HG Vora.
Upon the closing of the transaction, these companies will become
shareholders of GBT, joining American Express Company, Expedia Group and
Certares.
“Becoming a public company will be a historic milestone on GBT’s
growth journey. Commitments from new investors like Zoom, Sabre, Apollo, Ares
and HG Vora are a huge vote of confidence in our business and the future of
business travel, and…