Long Lake agrees $6.3bn take-private acquisition of Amex GBT

August 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

August 2026 Issue

American Express Global Business Travel (Amex GBT) has agreed to be acquired by investment holding company Long Lake Management in a deal valued at approximately $6.3bn, marking a significant shift as the business travel platform prepares to return to private ownership.

Under the terms of the definitive agreement, Amex GBT shareholders will receive $9.50 per share in cash. This represents a 60.2 percent premium to the company’s closing share price on 1 May 2026, the last full trading day before the announcement of the transaction.

The acquisition will be financed through a combination of equity from Long Lake’s existing investors, alongside Koch Equity Development, and committed debt financing from JPMorgan, Bank of America, Citi and MUFG. The agreement also has the backing of major shareholders, reinforcing confidence in the transaction.

Negotiations were conducted by a special committee of the Amex GBT board of directors, composed entirely of independent directors. Following its unanimous recommendation, the full board approved the merger agreement with Long Lake.

The deal was announced on 4 May 2026 and remains subject to approval, with completion expected in the second half of the year. Shareholder backing is already strong, with approximately 69 percent of investors, including American Express, Expedia, Qatar Investment Authority and BlackRock, agreeing to support the transaction. American Express, which holds around 30 percent of Amex GBT, is expected to sell its stake and receive roughly $1.5bn in proceeds upon completion of the deal.

Once the transaction is completed, Amex GBT will be delisted from public markets and will operate as a privately held company. The change in ownership is expected to allow greater strategic flexibility, particularly in long-term investment and technology development.

“This agreement delivers a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium,” said Paul Abbott, chief executive of Amex GBT. “Our customers have always been at the heart of Amex GBT, and this partnership with Long Lake is about serving them even better.”

The deal reflects a broader industry trend toward the integration of advanced technologies into business travel management. By combining Long Lake’s applied artificial intelligence (AI) capabilities with Amex GBT’s global marketplace, customer relationships and technology platform, the partnership aims to enhance operational efficiency and the traveller experience.

“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,” said Alex Taubman, co-founder and chief executive of Long Lake. “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.”

Advisers to the transaction include Rothschild & Co. as financial adviser to the special committee, with Kirkland & Ellis LLP acting as legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Amex GBT.

Long Lake is being advised by Citi as lead financial adviser, alongside JPMorgan and BofA Securities. Latham & Watkins LLP is acting as legal counsel, with Gibson Dunn providing financing counsel. Moelis & Company LLC is acting as financial adviser to Koch Equity Development, with Jones Day serving as its legal counsel.

The transaction remains subject to customary closing conditions, including shareholder approval and regulatory clearances. It is expected to complete in the second half of 2026.

“Amex GBT was built on trust earned over decades,” said Ken Chenault, chairman and managing director of Amex GBT. “Similarly, the foundation of the Long Lake model is a strong commitment to extraordinary customer service for the modern era.”

This acquisition is set to reshape business travel through private investment and accelerated technological innovation.

Fraser Tennant