American Express Global Business Travel is getting ready to list on the New York Stock Exchange through a business combination deal with special purpose acquisition company (SPAC) Apollo Strategic Growth Capital.
GBT announced the deal Friday (Dec. 3), saying it would create the world’s biggest publicly traded B2B travel platform, valuing the company at $5 billion.
“Becoming a public company will be a historic milestone on GBT’s growth journey,” said GBT Chief Executive Officer Paul Abbott. “We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners.”
Read more: Amex Business Travel Makes Deal To Buy Expedia’s Egencia
The deal is expected to yield up to $1.2 billion of gross proceeds, which includes a $335 million PIPE (private investment in public equity) investment at $10 per common share.
New investors in the company include…