American Express Global Business Travel is merging with a blank-check company backed by
to go public with a roughly $5.3 billion valuation, the companies said.
A travel-booking services provider for corporate customers, AmEx Global Business Travel is 50% owned by
American Express Co.
It is combining with the special-purpose acquisition company
The Wall Street Journal previously reported the two sides were nearing a deal.
The merger represents a vote of investor confidence in business travel despite a bumpy 2021 recovery in the industry. Although business travel is bouncing back as more people are vaccinated, new Covid-19 variants and travel restrictions continue to emerge and keep activity well below pre-pandemic levels.
chief executive officer of American Express Global Business Travel, responded to plunging sales at the start of the pandemic by cutting costs.