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September 2022, Virtual
September 29 2022, Virtual
American Express has signed an agreement to sell 50 per cent of its Global Business Travel division to an investor group for $900 million, the financial services firm has confirmed.
Under the agreement, Amex will share ownership of the joint venture with an investor group led by Certares.
The business will use the American Express brand and be headed by Bill Glenn, the New York-based firm’s president of global commercial services, AmEx said. The consumer travel operation isn’t part of the deal.
It initially announced its intention to pursue this joint venture transaction in September 2013.
“The joint venture reflects our continued commitment to the travel business through a new structure with an outstanding group of investors and the resources to grow the business and provide additional value to our corporate customers,” said Amex’s CEO Kenneth Chenault.
Currently the group works with corporate customers with travel consulting, services and research. It has partners in 139 countries and 14,000 employees.