AmEx Business Travel Unit Hits $5.3B Value In SPAC Deal

By Benjamin Horney (December 3, 2021, 8:18 AM EST) -- American Express Global Business Travel, advised by Skadden and Steptoe & Johnson LLP, will go public at a $5.3 billion valuation by merging with an Apollo Global-backed special purpose acquisition vehicle, advised by Paul Weiss, the companies said Friday.

The agreement calls for American Express Global Business Travel to unite with Apollo Strategic Growth Capital, a special purpose acquisition company, or SPAC, backed by private equity giant Apollo Global Management Inc., the companies said in a statement. They said the combined entity will be the "world's largest publicly traded B2B travel platform."

The business will be renamed Global Business Travel Group...

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