===Global Business Travel Group (GBTG) to be acquired by Long Lake Management in $6.3B deal

 

American Express Global Business Travel is being acquired by Long Lake Management for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion.

• Under the terms of the agreement, Amex GBT shareholders will receive $9.50 per share in cash, which represents a 60.2% premium to Amex GBT's closing stock price on May 1, 2026, the last full trading day prior to the transaction announcement, and a premium of approximately 65.1% over the volume weighted average price of Amex GBT's stock for the 30 days ending May 1, 2026.
• Transaction negotiations were led by a Special Committee of the Amex GBT Board of Directors, composed entirely of independent and disinterested directors. Following the unanimous recommendation of the Special Committee, the Amex GBT Board of Directors approved the merger agreement with Long Lake.
• The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including approval by Amex GBT's stockholders and receipt of requisite regulatory clearances. Upon completion of the transaction, Amex GBT's common stock will no longer be publicly listed, and Amex GBT will become a privately held company.
• The consummation of the merger is not subject to any financing condition. Long Lake intends to have discussions with certain significant stockholders of the Company relating to a potential rollover of a portion of their Amex GBT shares, which discussions have been authorized by the Special Committee, and may enter into rollover agreements with one or more of those parties in advance of the transaction closing.
• American Express (AXP), Expedia (EXPE), Qatar Investment Authority and BlackRock (BLK), collectively representing 69% of GBT's shares, have entered into voting agreements in support of the transaction.

Global Business Travel Group beats by $0.06, beats on revs; also to be acquired

• Reports Q1 (Mar) earnings of $0.10 per share, $0.06 better than the FactSet Consensus of $0.04; revenues rose 35.3% year/year to $840 mln vs the $815.97 mln FactSet Consensus.
• Note: American Express Global Business Travel, which is operated by Global Business Travel Group (GBTG), a software and services company for travel, expense and meetings & events, today announced that it has entered into a definitive agreement to be acquired by Long Lake Management for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion.

Insider Trading (Thu 6/9/22)

Notable purchases -- Director adds to CHWY; notable sales -- Director active in RES

Buyers:

• AAT Chairman & CEO bought 10,000 shares at $32.71 worth ~ $330K.
  
• ABCL 10% Owner bought 64,545 shares at $7.44 - $7.55 worth ~ $480K.
  
• ARRY CEO bought 37,500 shares at $13.33 worth ~ $500K.
  
• BZFD Directors bought 175,000 shares at $2.57 - $2.90 worth ~ $440K.
  
• CHWY Director bought 180,636 shares at $27.33 - $28.00 worth ~ $5.0 mln.
  
• COST Director bought 850 shares at $470.74 worth ~ $400K.
  
• CVNA Chief Brand Officer bought 40,000 shares at $24.47 - $25.03 worth ~ $990K.
  
• GBTG 10% Owner bought 425,568 shares at $8.46 - $8.74 worth ~ $3.6 mln.
  
• HI CFO bought 6,000 shares at $43.96 - $44.05 worth ~ $260K.
  
• KIND Director bought 151,088 shares at $3.25 - $3.36 worth ~ $500K.
  
• NRDY CEO bought 150,000 shares at $2.80 - $2.90 worth ~ $430K.

Sellers:

• BRY 10% Owner sold 884,116 shares at $11.05 - $11.40 worth ~ $10.0 mln.
  
• FLYW Director sold 199,854 shares at $19.23 - $19.38 worth ~ $3.9 mln.
  
• PKG CFO sold 13,800 shares at $159.75 - $160.81 worth ~ $2.2 mln.
  
• PTC Director sold 301,106 shares at $115.43 - $120.51 worth ~ $35.4 mln.
  
• RES Director sold 807,978 shares at $9.09 - $9.65 worth ~ $7.6 mln.
  
• WMS EVP, Supply Chain & Logistics sold 20,000 shares at $112.08 - $112.95 worth ~ $2.3 mln.