American Express announced it will sell its approximately 30% equity interest in Global Business Travel Group (GBTG) to Long Lake Management for about $6.3 billion. The deal will generate roughly $1.5 billion in cash proceeds for Amex and a pre‑tax gain of about $975 million, as disclosed in the company’s SEC filing.
The sale aligns with Amex’s strategy to streamline its portfolio and free up capital for core business initiatives. Brand licensing and commercial agreements with GBTG will remain in place, allowing Amex to continue benefiting from the GBTG brand while divesting the equity stake.
Long Lake, backed by General Catalyst and Alpha Wave, is positioning the acquisition as a platform to scale a leading corporate travel service using artificial intelligence. The $9.50 per‑share cash offer represents a 60.2% premium over GBTG’s closing price on May 1, 2026, underscoring the confidence in the company’s AI‑driven growth prospects.
GBTG reported Q1 2026 revenue of $840 million, net income of $15 million, and adjusted EBITDA of $150 million. The transaction will return $9.50 in cash to GBTG shareholders, effectively taking the company private again after its 2022 SPAC‑based public listing.
Amex’s Q1 2026 earnings, released in the same period, showed revenue of $18.9 billion—up 11% YoY—and earnings per share of $4.28, beating the consensus estimate of $4.00 by $0.28. The beat was driven by robust card‑member spending and strong performance of premium products, while the pre‑tax gain from the GBTG sale was not included in the company’s FY 2026 guidance.
The transaction is expected to close in the second half of 2026, after regulatory approvals and customary closing conditions are satisfied.
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