New York — Long Lake Management has entered into a definitive agreement to acquire Global Business Travel Group, Inc. (NYSE: GBTG), the parent company of American Express Global Business Travel (Amex GBT), in an all-cash transaction valued at approximately $6.3 billion. Under the terms of the agreement announced on Monday, May 4, 2026, Amex GBT shareholders will receive $9.50 per share in cash. This purchase price represents a 60.2% premium to the company’s closing stock price on May 1, 2026, and a 65.1% premium over its 30-day volume-weighted average price.
The acquisition, which will take the world’s largest corporate travel platform private, was unanimously recommended by a Special Committee of the Amex GBT Board of Directors and subsequently approved by the full board. The transaction is backed by investment firms General Catalyst and Alpha Wave, with additional equity provided by Koch Equity Development LLC. Long Lake Management, founded in 2023, focuses on acquiring and modernizing service industries through the application of frontier technologies and artificial intelligence.
Major shareholders representing approximately 69% of Amex GBT’s outstanding shares have entered into voting agreements to support the deal. These investors include American Express, Expedia Group, the Qatar Investment Authority, and BlackRock. American Express, which currently holds a 30% equity stake in the company, expects to receive approximately $1.5 billion in proceeds upon the deal’s completion. The financial services giant also anticipates a pre-tax gain of roughly $975 million, a figure that was not included in its previously issued 2026 earnings guidance.
Despite the change in ownership, Amex GBT will continue to operate under its current branding. The long-term trademark licensing agreement with American Express will remain in place, ensuring continuity for clients and partners worldwide. Paul Abbott, Chief Executive Officer of Amex GBT, stated that the partnership with Long Lake is designed to drive the transformation of business travel through enhanced technology and AI capabilities. Alex Taubman, co-founder and CEO of Long Lake, noted that the investment is aimed at integrating AI with human agents to improve booking times and proactive disruption resolution.
The transaction is being financed through a combination of equity and $2.5 billion in committed debt financing provided by a consortium of banks including JPMorgan, Bank of America, Citigroup, and MUFG. The merger agreement includes a $270 million termination fee payable by Long Lake under specific circumstances.
The deal follows Amex GBT’s recent expansion efforts, including the $540 million acquisition of rival CWT completed in September 2025. The company originally went public in May 2022 via a merger with a special purpose acquisition company. The current transaction is expected to close in the second half of 2026, subject to regulatory clearances and the approval of Amex GBT stockholders. Upon closing, Amex GBT common stock will be delisted from the New York Stock Exchange.