American Express Global Business Travel (Amex GBT), a software and services provider for travel, expense, and meetings and events, has entered into a definitive agreement to be acquired by Long Lake Management in an all-cash transaction valued at approximately $6.3 billion. Under the terms of the agreement, Amex GBT shareholders are set to receive $9.50 per share.
The acquisition price represents a 60.2% premium over Amex GBT’s closing stock price on May 1, 2026, and an approximately 65.1% premium over the volume-weighted average price of its stock for the 30 days ending on the same date. The transaction negotiations were led by a Special Committee of Amex GBT’s Board of Directors, composed of independent and disinterested directors. Following the committee’s unanimous recommendation, the Amex GBT Board of Directors approved the merger agreement.
Paul Abbott, Chief Executive Officer of Amex GBT, stated that the transaction underscores the company’s value, strategic success, and team strength, providing shareholders with substantial cash value at an attractive premium. He emphasized that the partnership with Long Lake, supported by investors like General Catalyst and Alpha Wave, aims to enhance customer service by leveraging Long Lake’s applied AI capabilities alongside Amex GBT’s travel expertise, global scale, and customer relationships.
Ken Chenault, Chairman and Managing Director at General Catalyst and former Chairman and CEO of American Express, commented on the trust built by Amex GBT over decades, noting Long Lake’s commitment to customer service for the modern era. Alex Taubman, Co-Founder and CEO of Long Lake, highlighted Amex GBT as a trusted partner in corporate travel and projected that AI and human agents will seamlessly collaborate to define the future of business travel, enabling faster bookings, proactive disruption resolution, and frictionless administration. He indicated that Amex GBT would invest heavily in these areas to maintain its standard of customer excellence.
Amex GBT operates a marketplace for travel content and delivers solutions through technology and human expertise, with travel professionals and business partners in over 140 countries. Long Lake, founded in 2023, is known for pioneering the use of frontier technology to accelerate service industries, utilizing its proprietary Nexus AI transformation platform to improve growth and customer experience. Its investors include General Catalyst, Alpha Wave, Elad Gil, D1, and Thrive.
The transaction is anticipated to close in the second half of 2026, pending customary closing conditions, including approval by Amex GBT’s stockholders and receipt of necessary regulatory clearances. Upon completion, Amex GBT’s common stock will no longer be publicly listed, transitioning the company to private ownership. The merger is not subject to any financing conditions.
The financing for the transaction includes equity provided by Long Lake’s existing investors and Koch Equity Development LLC, the principal investment and acquisition arm of Koch, Inc., along with committed debt financing from JPMorgan, Bank of America, Citi, and MUFG. Key shareholders, including American Express, Expedia, Qatar Investment Authority, and BlackRock, collectively holding 69% of GBT’s shares, have entered into voting agreements to support the transaction. Long Lake also plans to discuss potential share rollovers with certain significant stockholders of Amex GBT.
Advisors for the transaction included Rothschild & Co. as financial advisor and Kirkland & Ellis LLP as legal counsel to the Special Committee. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel for Amex GBT. Citi served as lead financial advisor to Long Lake, with JPMorgan and BofA Securities also advising. Latham & Watkins LLP provided legal counsel to Long Lake, and Gibson Dunn acted as financing counsel. Moelis & Company LLC was financial advisor and Jones Day legal counsel to Koch Equity Development.
