Long Lake has agreed to acquire American Express Global Business Travel for USD 6.3 billion, with backing from General Catalyst and Alpha Wave.
Under the agreement, Amex GBT shareholders will receive USD 9.50 a share in cash, a 60.2% premium to the last closing share price before the announcement and about 65.1% above the 30-day volume-weighted average price.
The transaction was negotiated by a special committee of independent directors on the Amex GBT board. Following the committee's unanimous recommendation, the full board approved the merger agreement.
Support from key investors is already in place. American Express, Expedia, Qatar Investment Authority and BlackRock, which together hold 69% of Amex GBT's shares, have entered into voting agreements in favour of the acquisition.
If completed, Amex GBT will be taken private and delisted. Its American Express brand licensing agreement will remain in place, allowing the company to continue using the brand for clients, partners and travellers.
The financing package includes equity from Long Lake's existing investors and Koch Equity Development, along with committed debt financing from JPMorgan, Bank of America, Citi and MUFG. The merger is not subject to a financing condition.
Founded in 2023, Long Lake focuses on applying artificial intelligence in the services industry. The acquisition combines that approach with a business travel group that has customer relationships, supplier links and operations in more than 140 countries.
Amex GBT is the largest corporate travel platform in the market, providing software and services for travel, expense, meetings and events. The size of the business and the level of shareholder support make this one of the more significant deals in travel management.
"This transaction is a testament to the value of Amex GBT, the success of our strategy and the strength of our incredible team. This agreement delivers a compelling outcome for our shareholders, providing them substantial, certain cash value at an attractive premium. Our customers have always been at the heart of Amex GBT, and this partnership with Long Lake is about serving them even better. General Catalyst and Alpha Wave, among Long Lake's world-class investors, have backed some of the most successful technology companies in the world. Together with Long Lake's applied AI capabilities and our travel expertise, global scale, and trusted customer and supplier relationships built over decades, Amex GBT is driving the transformation of business travel," Paul Abbott, Chief Executive Officer of Amex GBT, said.
The deal also brings in investors with strong ties to technology and travel. General Catalyst has backed companies including Airbnb, Kayak and Stripe, while Alpha Wave's portfolio includes investments in AI and consumer technology groups.
"American Express Global Business Travel was built on trust earned over decades. Similarly, the foundation of the Long Lake model is a strong commitment to extraordinary customer service for the modern era. I am so pleased for both companies, their customers, and the people dedicated to their success - now and in the future," said Ken Chenault, Chairman and Managing Director of General Catalyst and Former Chairman and CEO of American Express.
For Long Lake, the acquisition offers immediate scale in a sector where automation and human support often operate side by side. Corporate travel remains a fragmented market shaped by airline distribution, hotel supply, travel disruption, and the administrative demands of large-company travel programmes.
"Amex GBT is the most trusted partner in corporate travel. The future of business travel will be defined by AI and human agents working seamlessly together on behalf of every traveller: faster booking times, proactive disruption resolution, and frictionless travel administration. In partnership with Long Lake, Amex GBT will continue to invest heavily in these capabilities and continue to set the gold standard for customer excellence," Alex Taubman, Co-founder and CEO of Long Lake, said.
The acquisition still requires shareholder approval and regulatory clearances before it can close.