American Express' Global Business Travel business close to $5.3 billion merger with SPAC--WSJ

Shares of American Express Co. /zigman2/quotes/203805826/composite AXP -1.83% rose 0.8% in premarket trading Friday, after The Wall Street Journal reported that the credit card company's Global Business Travel business is close to a deal to be taken public by special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital . Citing people familiar with the matter, the WSJ report said a merger with the SPAC, which is backed by Apollo Global Management Inc. /zigman2/quotes/203829595/composite APO -0.28% , would value AmEx's travel-booking services provider for corporate customers at about $5.3 billion. The WSJ report said the merger could be announced as soon as Friday. AmEx's stock has rallied 29.7% year to date through Thursday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.41% has gained 13.2%.

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American Express Co.

US : U.S.: NYSE

$ 159.78

-2.98 -1.83%

Volume: 2.59M

March 24, 2023 4:03p

P/E Ratio

16.24

Dividend Yield

1.50%

Market Cap

$118.91 billion

Rev. per Employee

$719,547

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Apollo Global Management Inc.

US : U.S.: NYSE

$ 57.54

-0.16 -0.28%

Volume: 3.39M

March 24, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

2.78%

Market Cap

$32.84 billion

Rev. per Employee

$4.63M

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Add to watchlist DJIA

Dow Jones Industrial Average

US : Dow Jones Global

32,237.53

+132.28 +0.41%

Volume: 0.00

March 24, 2023 5:02p