Long Lake Agrees to Acquire American Express Global Business Travel, the World’s Largest Corporate Travel Platform, for $6.3 Billion, With Support From General Catalyst and Alpha Wave

Key Points:

• American Express Global Business Travel (Amex GBT) has agreed to be acquired by Long Lake Management for $9.50 per share in an all-cash deal valued at approximately $6.3 billion, representing a premium of over 60% to recent stock prices.
• The transaction, expected to close in the second half of 2026, will take Amex GBT private pending shareholder and regulatory approvals, with major shareholders holding 69% of shares already supporting the deal.
• Long Lake, a technology-driven services company backed by investors such as General Catalyst and Alpha Wave, plans to leverage AI and Amex GBT's travel expertise to transform business travel through enhanced customer service and operational efficiency.
• The acquisition is financed through a combination of equity from Long Lake’s investors and Koch Equity Development, along with committed debt financing from major banks including JPMorgan and Bank of America.
• Both companies emphasized the strategic alignment and value creation potential of the deal, with key executives highlighting the importance of combining AI capabilities with trusted customer relationships to lead the future of corporate travel.