Key Takeaways
- • Long Lake Management has agreed to acquire American Express Global Business Travel (Amex GBT) in an all-cash take-private transaction valued at $6.3 billion, or $9.50 per share—a 60.2% premium to the May 1, 2026 closing price.
- • The deal is backed by approximately 69% of shareholders, including American Express (30% stake holder), Expedia, Qatar Investment Authority, and BlackRock; American Express will receive roughly $1.5 billion in proceeds upon completion.
- • Financing is structured through Long Lake's existing investors, Koch Equity Development (equity), and committed debt from JPMorgan, Bank of America, Citi, and MUFG; the transaction is expected to close in H2 2026.
- • The acquisition will transition Amex GBT from public to private ownership, enabling greater strategic flexibility for long-term technology investment and business development decisions.
- • A special committee of independent directors conducted negotiations and unanimously recommended the merger; the full board approved the agreement on May 4, 2026.
Summary
Long Lake Management has secured a definitive agreement to acquire American Express Global Business Travel in a $6.3 billion all-cash take-private transaction announced on May 4, 2026. Under the deal terms, Amex GBT shareholders will receive $9.50 per share in cash, representing a substantial 60.2% premium to the company's closing share price on May 1, 2026, the final trading day before transaction disclosure.
The transaction is structured as a combination of equity investment from Long Lake's existing investors and Koch Equity Development, supplemented by committed debt financing secured from four major financial institutions: JPMorgan, Bank of America, Citi, and MUFG. Notably, strong shareholder support has already materialized, with approximately 69% of investors—including American Express (which holds ~30% of Amex GBT), Expedia, Qatar Investment Authority, and BlackRock—committing to support the merger. American Express is anticipated to realize approximately $1.5 billion in proceeds upon deal completion.
The acquisition process was managed by a special committee composed entirely of independent directors, which conducted negotiations and unanimously recommended the merger agreement to the full board. Following this endorsement, the complete board of directors approved the transaction. The deal remains subject to customary closing conditions and regulatory approvals, with completion targeted for the second half of 2026.
Upon closing, Amex GBT will be delisted from public markets and converted to a privately held company. Management and Long Lake have indicated that this ownership transition is expected to provide greater strategic flexibility, particularly regarding long-term capital allocation, technology development, and operational decision-making. The transaction was advised by leading legal counsel including Skadden, Latham & Watkins, Kirkland & Ellis, and Gibson Dunn, with Rothschild & Co serving as exclusive financial adviser to Amex GBT's special committee.
The transaction is structured as a combination of equity investment from Long Lake's existing investors and Koch Equity Development, supplemented by committed debt financing secured from four major financial institutions: JPMorgan, Bank of America, Citi, and MUFG. Notably, strong shareholder support has already materialized, with approximately 69% of investors—including American Express (which holds ~30% of Amex GBT), Expedia, Qatar Investment Authority, and BlackRock—committing to support the merger. American Express is anticipated to realize approximately $1.5 billion in proceeds upon deal completion.
The acquisition process was managed by a special committee composed entirely of independent directors, which conducted negotiations and unanimously recommended the merger agreement to the full board. Following this endorsement, the complete board of directors approved the transaction. The deal remains subject to customary closing conditions and regulatory approvals, with completion targeted for the second half of 2026.
Upon closing, Amex GBT will be delisted from public markets and converted to a privately held company. Management and Long Lake have indicated that this ownership transition is expected to provide greater strategic flexibility, particularly regarding long-term capital allocation, technology development, and operational decision-making. The transaction was advised by leading legal counsel including Skadden, Latham & Watkins, Kirkland & Ellis, and Gibson Dunn, with Rothschild & Co serving as exclusive financial adviser to Amex GBT's special committee.
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