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Dec. 3, 2021, 7:13 a.m. EST

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

Shares of American Express Co. (NYS:AXP) 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 (NYS:APSG) . Citing people familiar with the matter, the WSJ report said a merger with the SPAC, which is backed by Apollo Global Management Inc. (NYS:APO) , 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 (DOW:DJIA) has gained 13.2%.

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