Global Business Travel (GBTG) Soars 57% on $6.3-Billion Amex GBT Sale

Global Business Travel Group Inc. (NYSE:GBTG) is one of the 10 Stocks Exploding in a Bleeding Market.

Global Business Travel climbed by 57.50 percent on Monday to finish at $9.34 apiece, as investors gobbled up shares following news that its software and services subsidiary is set to be acquired by Long Lake Management for a total of $6.3 billion.

In a statement, Global Business Travel Group Inc. (NYSE:GBTG) said that it entered into a definitive agreement with Long Lake for the sale of American Express GBT at a price of $9.50 apiece, or a 60.2 percent premium over the stock’s closing price on May 1, prior to the announcement.

For illustration purposes. Photo by Ketut Subiyanto on Pexels

“This transaction is a testament to the value of Amex GBT, the success of our strategy, and the strength of our incredible team. This agreement delivers a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium,” said Amex GBT CEO Paul Abbott.

For his part, Long Lake CEO Alex Taubman said that the acquisition was in line with optimism that the future of business travel will be defined by AI and human agents working seamlessly together, through enabling faster booking times, proactive disruption resolution, and frictionless travel administration.

“In partnership with Long Lake, Amex GBT will continue to invest heavily in these capabilities and continue to set the gold standard for customer excellence,” he said.

Global Business Travel Group Inc. (NYSE:GBTG) said that the transaction is expected to close in the second half of the year, subject to satisfaction of customary closing conditions, including approval of the shareholders.

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