Transaction overview
Long Lake Management acquired Amex GBT, a leading corporate travel management company based in the United States, for $6.3 billion on September 30, 2026. The deal was announced on May 4, 2026, marking the conclusion of a complex ownership saga that began with American Express's decision to spin off its business travel division into a joint venture in 2014.
Deal structure and financing
The acquisition is financed through $2.5 billion in committed bank debt from JPMorgan, Bank of America, Citi, and MUFG, along with equity from Long Lake Management’s investors. This structure implies a leverage ratio of approximately 39%, which is typical for large-scale buyouts in the travel industry. The deal does not disclose any retained stake by the seller or lock-up terms for existing shareholders. However, Amex GBT’s brand-licensing agreement with American Express remains intact post-closure.
Strategic context
Long Lake Management acquired Amex GBT to integrate advanced AI technology into corporate travel management services. With a team of seasoned executives and financial backing from prominent investors including General Catalyst, Alpha Wave Global, and D1 Capital, Long Lake aims to transform the traditional travel industry by leveraging automation for operational efficiency. This acquisition allows Long Lake to scale its AI-driven business model to a significantly larger enterprise, Amex GBT, with approximately 22,000 employees and $2.7 billion in annual revenue.
The rationale behind American Express's divestiture stems from the company’s decision to focus on core financial services while monetizing non-strategic assets. Expedia Group, which held a significant stake after integrating its Egencia business into Amex GBT, saw an opportunity to recoup substantial losses incurred during previous restructuring efforts. Certares, as the original architect of Amex GBT's ownership structure, benefitted from management fees and carried interest throughout the life cycle of the joint venture.
Regulatory path
The acquisition was subject to regulatory review by multiple jurisdictions due to its size and international scope. Notably, it underwent scrutiny from the European Commission and the US Federal Trade Commission (FTC). Both regulators reviewed the deal for potential antitrust concerns but required no remedies or adjustments before approving the transaction in late 2026. The HSR filing with the FTC was made on May 8, 2026, while the EU notification was submitted on May 10, 2026, adhering to standard timelines for large-scale mergers and acquisitions.