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Dec. 3, 2021, 8:21 a.m. EST

American Express Global Business Travel confirms $5.3 billion merger deal with SPAC Apollo Strategic Growth

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By Tomi Kilgore

Shares of American Express Co. /zigman2/quotes/203805826/composite AXP -1.85% rose 0.8% in premarket trading Friday, after American Express Global Business Travel (GBT), which is 50% owned by AmEx, confirmed that it will go public through a merger with special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital /zigman2/quotes/222659851/composite APSG -0.18% in a deal that values the combined company at $5.3 billion. The Wall Street Journal had previously reported that a deal was near. The merger will provide $1.2 billion in gross proceeds, including $335 million in private investment in public equity (PIPE) from investors including Zoom Video Communications Inc. /zigman2/quotes/211319643/composite ZM -4.57% , Sabre Corp. /zigman2/quotes/200765742/composite SABR -7.21% and Apollo Global Management Inc. /zigman2/quotes/203829595/composite APO -1.91% . After the deal closes, which is expected to occur in the first half of 2022, the combined company will be named Global Business Travel Group Inc. and is expected to be the world's largest publicly traded business-to-business travel platform. The company is expected to list on the NYSE under the ticker symbol "GBTG." "We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners," said GBT Chief Executive Paul Abbott. American Express' stock has slipped 1.6% over the past three months, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.25% has lost 2.1%.

/zigman2/quotes/203805826/composite
US : U.S.: NYSE
$ 157.95
-2.97 -1.85%
Volume: 2.37M
Jan. 21, 2022 3:27p
P/E Ratio
16.54
Dividend Yield
1.09%
Market Cap
$124.64 billion
Rev. per Employee
$643,124
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/zigman2/quotes/222659851/composite
US : U.S.: NYSE
$ 9.91
-0.02 -0.18%
Volume: 243,801
Jan. 21, 2022 3:20p
P/E Ratio
77.12
Dividend Yield
N/A
Market Cap
$1.01 billion
Rev. per Employee
N/A
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/zigman2/quotes/211319643/composite
US : U.S.: Nasdaq
$ 148.69
-7.12 -4.57%
Volume: 4.18M
Jan. 21, 2022 3:27p
P/E Ratio
39.54
Dividend Yield
N/A
Market Cap
$46.43 billion
Rev. per Employee
$884,435
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/zigman2/quotes/200765742/composite
US : U.S.: Nasdaq
$ 8.69
-0.67 -7.21%
Volume: 4.62M
Jan. 21, 2022 3:27p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$3.03 billion
Rev. per Employee
$199,436
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/zigman2/quotes/203829595/composite
US : U.S.: NYSE
$ 65.72
-1.28 -1.91%
Volume: 4.07M
Jan. 21, 2022 3:27p
P/E Ratio
7.69
Dividend Yield
3.04%
Market Cap
$50.72 billion
Rev. per Employee
$2.08M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,281.17
-434.22 -1.25%
Volume: 378.97M
Jan. 21, 2022 3:27p
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