Long Lake Buys Amex GBT for $6.3B as Corporate Travel Bets on AI

American Express Global Business Travel agreed to be acquired by Long Lake Management in a $6.3 billion all cash deal.

The transaction would take Amex GBT private less than five years after it began trading publicly.

Shareholders will receive $9.50 per share in cash. That is 60.2 percent above Amex GBT’s closing share price on May 1. The deal is expected to close in the second half of 2026, but it still needs shareholder approval, regulatory clearance, and other standard approvals.

The transaction already has strong investor support. American Express, Expedia Group, Qatar Investment Authority, and BlackRock together own about 69 percent of Amex GBT’s equity and have agreed to vote for the deal. That makes shareholder approval more likely, although regulators still need to review the transaction.

The deal is an AI bet on managed business travel

Long Lake is backed by General Catalyst and Alpha Wave, two major technology investors. The buyer wants to use its Nexus AI platform to improve Amex GBT’s corporate travel tools, including booking, disruption support, and travel administration.

Large companies need more than a booking website. They need travel policy controls, expense management, negotiated rates, employee safety tools, and support when trips change. AI can help with simple and repetitive tasks, but human agents are still important when travelers face cancellations, missed connections, or complex international trips.

American Express exits ownership but keeps the brand link

American Express will sell its roughly 30 percent stake in Amex GBT. The company expects to receive about $1.5 billion and record a pre tax gain of around $975 million. However, its brand licensing and commercial agreements with Amex GBT will continue after the acquisition closes.

Amex GBT has not been a fully owned American Express division for years. American Express separated the business in 2014 through a joint venture with outside investors. The current deal continues that long shift, with American Express moving further away from direct ownership while keeping a commercial connection to the platform.

Expedia cashes out after selling Egencia

Expedia Group’s role in Amex GBT will also become smaller. Expedia became an Amex GBT shareholder after selling Egencia, its corporate travel business, to Amex GBT in 2021. That deal helped Expedia reduce its direct exposure to managed business travel while keeping a relationship with the sector.

With the Long Lake deal, Expedia is expected to sell its Amex GBT stake. However, its lodging supply agreement with Amex GBT is expected to remain in place.

Long Lake now has to prove the AI strategy works

The deal comes shortly after Amex GBT completed another major acquisition. In September 2025, Amex GBT closed its purchase of CWT, one of its biggest corporate travel rivals. The transaction moved forward after the US Department of Justice dropped its lawsuit challenging the deal in July 2025.

Photo by Ryan Born on Unsplash