Apollo Strategic Growth Capital in a proxy filing today set May 25 as the date shareholders will be asked to vote on a proposed merger with American Express Global Business Travel. If approved, the deal would result in a publicly-traded company with a pro forma market capitalization of $5.3 billion.
Announced in March, 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 joining the PIPE. Read more.
