28 May, 2022

American Express Global Business Travel becomes a publicly traded company

American Express Global Business Travel, one of the leading Business to business travel platforms has confirmed the long-rumoured notion that it will become a publicly listed company.  Amex has said it will begin trading as a public company on the New York Stock Exchange under the ticker symbol “GBTG” on May 31, 2022.

Paul Abbott, Amex GBT’s Chief Executive Officer, said: “Today marks a significant milestone in the business travel industry recovery and for Amex GBT. With strategic initiatives over the last few years, including complimentary accretive acquisitions, product and technology enhancements and lasting cost reductions, we have confidence that we are very well positioned to win a larger portion of the $1.4 trillion business travel market. As a publicly-traded company, we will have the flexibility to further accelerate our growth strategy.

“Trading as a public company follows years of work to strengthen our market leadership position. While listing our company is an achievement, it also marks the beginning of a new phase of growth paired with a focus on delivering long-term shareholder value as the world’s largest publicly traded B2B travel platform.”

Amex GBT has become a publicly-traded company following the completion of its previously announced business combination with Apollo Strategic Growth Capital, which was approved by APSG shareholders on May 25, 2022, and closed on May 27, 2022. Concurrently with the closing of the business combination, the Company received proceeds from cash in trust and PIPE investments, including sizable investments by strategic investors Zoom and Sabre, and new investors Apollo, Ares and HG Vora. These investors join American Express Company, Certares and Expedia Group, which remain invested in the Company. The Class A common stock and warrants of the newly combined company, Global Business Travel Group, Inc., will trade on the NYSE under the new ticker symbols “GBTG” and “GBTG WS”, respectively, beginning on May 31, 2022.

 



Help for Heroes Charity helps to rebuild the lives of those with injuries and illnesses sustained while serving in the British Armed Forces. No matter when someone served, H4H give them the support they need to lead active, independent and fulfilling lives. They provide support to the whole family to help them all cope with the challenges they face. Long-term recovery is more than repairing damaged bodies and minds; it’s about rebuilding lives.




Want me in your inbox? Follow here for email updates Air101 here.