- With the help of special purpose acquisition firm Apollo Strategic Growth Capital, American Express Global Business Travel (GBT) has announced plans to go public.
The merger is anticipated to establish the world’s largest publicly listed B2B travel platform, with intentions to list on the NYSE under the current ticker code “GBTG.”
GBT claims that the move will accelerate its current growth strategy while also offering extra investment capacity and flexibility to provide clients with more value and options.
GBT’s CEO, Paul Abbott, states, “Becoming a public company will be a significant milestone on GBT’s growth journey.” “New investor commitments from Zoom, Sabre, Apollo, Ares, and HG Vora show that they believe in our business or the future of business travel, meetings, and events.”
Zoom Video Communications, travel technology company Sabre, APSG’s sponsor. An affiliate of alternative asset manager Apollo, funds managed by Ares Management Corporation’s private equity group (“Ares”), and investment adviser HG Vora are among the new strategic and institutional investors.
Following the transaction’s completion, these firms will join existing shareholders such as American Express Company, one of the world’s most significant payment and card service providers; Expedia Group, one of the world’s largest online travel businesses; also Certares, a travel investment specialist.
Zoom’s involvement is intriguing, pointing to a future of hybrid virtual and in-person business travel and events. “We are thrilled to invest in GBT also look forward to working with their talented team as they strive to deliver innovative or engaging virtual, face-to-face, and hybrid meeting and event experiences,” Zoom’s Chief Financial Officer Kelly Steckelberg said.
“As evidenced by the need for Zoom Events,” Steckelberg continued, “companies are increasingly looking for experts or best-in-class technology solutions for meetings and events in the new hybrid world.”
GBT will retain the right to use the American Express trademark in connection with the American Express Global Business Travel. Or American Express GBT Meetings & Events brands under an 11-year agreement that will take effect upon the transaction’s completion.
Source: travel pulse News