American Express Global Business Travel (Amex GBT) is reportedly exploring a potential sale after a difficult period on the public markets, according to a Bloomberg report citing people familiar with the matter.
The corporate travel giant is understood to be working with advisers, with possible interest expected from rival business-travel platforms and private equity firms. Sources cautioned that discussions are preliminary and a sale is far from guaranteed.
Amex GBT declined to comment, saying that it does not address “M&A rumours or speculation”.
Shares in Amex GBT rose 3% to $7.32 yesterday following the report, but the stock remains down 20% year-to-date from its January level of $9.16. The company listed on the New York Stock Exchange in 2022 via a SPAC merger with Apollo Strategic Growth Capital.
The speculation comes shortly after Amex GBT reported a strong set of Q3 results buoyed by its recent $540 million acquisition of CWT, completed in September after 17 months of regulatory and integration work.
Including the CWT business, revenue climbed 13% year-on-year to $674 million, while transactions rose 19%. Total transaction value increased 23% to $9.5 billion.
Excluding CWT, revenue grew a more modest 3%, with transactions up 4%, which the company said was aligned with expectations in a slower macroeconomic environment. Ex-CWT transaction value rose 9% year-on-year.
Amex GBT is currently executing a plan to deliver $155 million in cost and operational synergies within three years of integrating CWT.
In early October, Amex GBT also unveiled a major strategic alliance with SAP Concur, announcing a new joint platform called Complete, which will combine booking, expense and travel management services for shared customers.
The move has sparked widespread analysis among travel buyers and competing travel management companies, with many assessing how the partnership might influence technology integration, data consolidation and client retention across the sector.
With consolidation accelerating across the corporate travel industry — and Amex GBT now by far the largest player globally following its CWT deal — any potential sale or ownership change would have significant implications for suppliers, buyers and competitors alike.