Long Lake Completes $6.3 Billion Cash Buy of Amex GBT
The AI holding company closed its all-cash take-private of the travel-software operator, which will delist from the NYSE and run under Long Lake.
Long Lake Management completed its all-cash acquisition of Global Business Travel Group, Inc. (GBTG), the software and services company that operates American Express Global Business Travel, in a transaction valuing the business at approximately $6.3 billion.
Stockholders received $9.50 a share in cash, a 65.1% premium to the 30-day volume-weighted average price from the date of the merger agreement. Amex GBT common stock ceased trading, and the company will be delisted from the New York Stock Exchange, operating as a privately held company under Long Lake.
The deal was announced on May 4, 2026, and was approved by Amex GBT stockholders at a special meeting on August 3, 2026.
Long Lake described itself as the world’s first AI holding company. Its AI engineering will support Amex GBT’s travel and service teams to drive more value to customers and redefine the managed travel experience. Long Lake has acquired and partnered with dozens of services businesses and uses a proprietary Nexus AI transformation platform.
Alex Taubman, co-founder and CEO of Long Lake, said: “For over a century, Amex GBT has earned the trust of the world’s most important companies, governments, and institutions, by showing up for millions of travelers in mission-critical moments. It is an honor for Long Lake to have the opportunity to partner with Amex GBT to double down on its world-class customer excellence, and to invest heavily to advance the frontier of AI deployment in the travel experience.”
Paul Abbott, chief executive officer of Amex GBT, said the milestone brings Long Lake’s AI engineering team into the company and that customers can expect continuous innovation, from agentic customer tools to AI-empowered travel counselors.
The transaction was financed with equity from Long Lake’s existing investors and Koch Equity Development LLC, the principal investment and acquisition arm of Koch, Inc., plus committed debt financing. Concurrently with the closing, Gaia MidCo Purchaser, Inc., an indirect parent of the company, and Parent entered a credit agreement with JPMorgan Chase Bank, N.A., providing a $1.5 billion senior secured first-lien term loan that was fully drawn on the closing date and a $250 million revolving facility that was not drawn. The company and its subsidiaries repaid all loans and terminated commitments under their prior credit agreement.
Amex GBT is a leading software and services company for travel, expense, and meetings and events, with travel professionals and business partners in more than 140 countries. At the May announcement, major shareholders collectively representing 69% of GBT’s shares had entered voting agreements in support of the transaction, including American Express, Expedia, Qatar Investment Authority, and BlackRock, and an American Express brand licensing agreement was to remain in place.
Rothschild & Co acted as financial advisor to the special committee and Kirkland & Ellis as its legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Amex GBT. Latham & Watkins LLP acted as legal counsel to Long Lake, with Gibson Dunn as financing counsel. Moelis & Company LLC acted as financial advisor to Koch Equity Development and Jones Day as its legal counsel.