AmEx Global Business Travel Going Public Through $5.3 Billion Merger With Apollo SPAC

American Express Global Business Travel is merging with a blank-check company backed by

Apollo Global Management Inc.


APO 0.08%

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.


AXP 1.19%

It is combining with the special-purpose acquisition company

Apollo Strategic Growth Capital.


APSG 0.20%

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.

Paul Abbott,

chief executive officer of American Express Global Business Travel, responded to plunging sales at the start of the pandemic by cutting costs.

Private
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USTA forecast signals uneven recovery in business, int’l travel segments

Days after the U.S. reopened its land and air borders to vaccinated international visitors, U.S. Travel Association (USTA) released its biannual forecast which shows an uneven recovery for the international inbound and business travel segments, while domestic leisure travel has returned to near pre-pandemic levels.

The forecast, based on analysis from Tourism Economics, projects that domestic leisure travel will continue to drive the U.S. travel industry’s recovery in the near term. This segment is projected to surpass pre-pandemic levels in 2022 and beyond.

Domestic business travel spending is expected to reach 76% of 2019 levels in 2022 while the segment is not expected to fully recover until 2024.

International inbound travel spending is forecasted to reach 72% of 2019 levels in 2022. The segment is not expected to fully recover until 2024 or 2025.

“While we see much reason for optimism on the horizon, our forecast reveals that travel’s recovery

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Business travel forecast to surge in 2022, make full recovery by 2024

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Business travel forecast to surge in 2022, make full recovery by 2024

Passengers arrive at Heathrow Airport in London on August 2, as the United Kingdom reopened to travelers vaccinated against COVID-19. File Photo by Vickie Flores/EPA-EFE

Nov. 17 (UPI) — Business travel spending will surge next year to over $1 trillion, but it will take another two years for the industry to fully recover from the COVID-19 pandemic, an industry forecast released Wednesday said.

A year-over-year surge of 38% is expected in 2022, according to the new business travel index, the BTI Outlook, by the Global Business Travel Association.

The report forecasts the surge as “recovery and pent-up demand kicks into a higher gear,” despite slower recovery from the pandemic than expected this year.

“Of any year we’ve issued the BTI Outlook forecast, this one was the most anticipated and it’s no surprise,” GBTA CEO Suzanne Neufang said in a statement. “The business travel industry recognizes there are factors, related

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Forecast: Business Travel Spending to Reach 2019 Level in 2024

Overall U.S. business travel volume remains on track to grow steadily until 2024, when it should fully recover to per-pandemic 2019 levels, according to a new forecast from the U.S. Travel Association. 

The organizations project 2021 U.S. business transient and group spending to total $93 billion and $43 billion, respectively, up from $59 billion and $28 billion in 2020 but well shy of the pr-Covid levels of $157 billion and $113 billion in 2019.

Those spending figures should increase steadily in 2022 and 2023, according to the forecast. Then, 2024 U.S. business transient and group spending is projected to reach $164 billion and $113 billion, at least matching 2019 levels. 

“While we see much reason for optimism on the horizon, our forecast reveals that travel’s recovery is uneven with much work ahead to ensure all segments reach pre-pandemic levels,” said U.S. Travel Association president and CEO Roger Dow in a

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