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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!