American Express Global Business Travel, which bills itself as the world’s leading B2B travel platform, plans to merge with Apollo Strategic Growth Capital. The deal would result in a company with a pro forma market capitalization of $5.3 billion.
If approved, the travel platform would list on the NYSE under new ticker symbol GBTG.
Current GBT common equity holders are expected to roll their existing equity holdings into the combined company. The transaction is expected to provide up to approximately $1.2 billion in gross proceeds, comprised of the SPAC’s approximately $817 million of cash in trust and an upsized $335 million fully-committed PIPE.
Zoom Video Communications; global travel technology company Sabre; APSG’s sponsor, an affiliate of alternative asset manager Apollo; funds managed by the private equity group of Ares Management Corporation (“Ares”); and investment adviser HG Vora, are among a new group of strategic and institutional investors committed to joining GBT’s PIPE. Read more.
