Amex GBT, the world’s largest business travel management company, is to be taken private in an all-cash transaction worth approximately $6.3bn, ending the firm’s four-year run as a publicly listed company.
Long Lake Management, an investment holding company, will pay $9.50 per share, a 60% premium to Amex GBT’s closing stock price on 1 May 2026, under terms announced this week.
Major shareholders representing 69% of the company’s stock, including American Express, Expedia, the Qatar Investment Authority and BlackRock, have signed voting agreements in support of the deal, all but assuring its passage.
The transaction confirms speculation that began circulating at the end of last year, when reports first emerged that the travel management giant was exploring a sale.
Paul Abbott, Chief Executive of Amex GBT, said the agreement was “a testament to the value of Amex GBT, the success of our strategy and the strength of our incredible team”, adding that it delivered “a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium”.
He continued: “Together with Long Lake’s applied AI capabilities and our travel expertise, global scale, and trusted customer and supplier relationships built over decades, Amex GBT is driving the transformation of business travel.”
Alex Taubman, Co-Founder and Chief Executive of Long Lake, signalled that the corporate travel sector was on the cusp of a fundamental shift driven by artificial intelligence.
“Amex GBT is the most trusted partner in corporate travel. 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,” he said.
“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.”
The deal is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Amex GBT’s stockholders and the receipt of regulatory clearances. Once completed, the company’s common stock will be delisted and Amex GBT will operate as a privately held business.
Funding for the takeover is being provided through a combination of equity from Long Lake’s existing investors and Koch Equity Development LLC, the principal investment and acquisition arm of Koch, Inc., alongside committed debt financing arranged by JPMorgan, Bank of America, Citi and MUFG.
Long Lake, founded in 2023, describes itself as a pioneer in deploying frontier technology to accelerate the services industries, anchored by its proprietary Nexus AI transformation platform. The firm is backed by investors including General Catalyst, Alpha Wave, Elad Gil, D1 and Thrive, and has already acquired or partnered with dozens of services businesses with the aim of “improving growth and customer experience”.