© Reuters. FILE PHOTO: Credit card is seen in front of displayed American Express logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) – American Express Global Business Travel (GBT) said on Friday it would merge with a blank-check firm backed by Apollo Global Management (NYSE:) Inc to go public in a deal valued at around $5.3 billion.
The deal with Apollo Strategic Growth Capital (ASGC) will deliver gross proceeds of up to $1.2 billion, including a $335 million private investment in public equity, or PIPE.
Investors in the PIPE included investment manager Ares Management (NYSE:) Corp, travel technology company Sabre (NASDAQ:) Corp and Zoom Video Communications (NASDAQ:) Inc.
The merger comes at a time when business travel is recovering from a pandemic-induced slump, in a boost for companies like AmEx GBT that help corporate employees with their travel arrangements.
AmEx GBT was a wholly-owned unit of American Express Co (NYSE:)…