Long Lake Acquires American Express Global Business Travel for $6.3B at 60% Premium

Long Lake Management, backed by General Catalyst and Alpha Wave, announced a definitive agreement to acquire American Express Global Business Travel (NYSE: GBTG) in an all-cash transaction valued at $6.3 billion, or $9.50 per share — a 60.2% premium to the May 1 closing price. Major shareholders holding 69% of shares (American Express, Expedia, Qatar Investment Authority, BlackRock) entered voting agreements supporting the deal, expected to close in H2 2026. Amex GBT reported strong Q1 2026 results with 35% revenue growth, $3.4 billion in new wins, and 96% customer retention. Debt financing is from JPMorgan, Bank of America, Citi, and MUFG.