Global Business Travel Group, Inc. (GBTG)

Global Business Travel Group, Inc., which operates as Amex GBT, was a business-to-business travel platform that provided travel management, expense management and meetings and events services to corporate clients. It served business travelers, corporate customers, travel suppliers and third-party travel agencies, and was headquartered in New York. The business grew out of the corporate travel operations of American Express, and from 2014 operated as a joint venture.

Amex GBT's platform offered booking tools, itinerary and expense functions, reporting and traveler support, delivered through both technology and travel advisors. It worked with airlines, hotels, car rental companies and technology providers to offer content to travelers, and it used data analytics and automation to manage travel spending for its clients.

The company became publicly traded in May 2022 through a business combination with Apollo Strategic Growth Capital, a special purpose acquisition company. Its Class A common stock began trading on the New York Stock Exchange under the symbol GBTG. Its main shareholders included American Express, Certares and other investment groups.

In 2024 and 2025 the company pursued consolidation in the corporate travel industry, including the acquisition of CWT, another large business travel management company, which was completed in 2025. The industry remained sensitive to corporate travel volumes, interest rates and competition from both traditional agencies and online platforms.

On May 2, 2026, Global Business Travel Group agreed to be acquired by Long Lake Management, a firm backed by General Catalyst, in an all-cash transaction valued at about $6.3 billion. The price of $9.50 per share represented a premium of 65% to the 30-day volume-weighted average price as of the date of the merger agreement. Stockholders approved the transaction in August 2026.

The merger closed on September 29, 2026. Funding included a $1.5 billion senior secured first-lien term loan, fully drawn at closing, with a $250 million revolving credit facility remaining undrawn, and equity from Long Lake's investors and Koch Equity Development LLC. The company's prior credit agreements were terminated at closing, its directors resigned, and its shares were delisted from the NYSE. A Form 25 was filed on September 29, 2026, with a Form 15 expected to follow.