Hertz emerged last year from bankruptcy as a leaner company with a new outlook on corporate sales. It used reorganization to get out of what it deemed unfavorable corporate deals and now, according to interim CEO Mark Fields, “We do not chase unprofitable business.” That’s easier to justify when there is tight supply relative to…
American Express Global Business Travel during the fourth quarter created a unit called Partner Solutions to bring its relationships with other travel agencies “under one banner.” It’s well known that to serve multinational accounts, GBT partners with agencies in countries where it does not own operations. The GBT Partner Solutions staff also is approaching regional…
American Express Global Business Travel on Friday announced that it would offer 15 percent of its shares to the public via a merger with special purpose acquisition company Apollo Strategic Growth Capital. Expected to close during the first half of next year, the deal values Amex GBT at roughly $5 billion, would generate up to…
Amercian Express Global Business Travel made a “binding offer” to buy Expedia’s Egencia and Expedia agreed to “become a shareholder in, and enter a long-term strategic commercial agreement” with GBT. That includes GBT’s use of Expedia’s hotel program. “GBT would continue to invest in the Egencia brand, its people and technology, as part of the…
Who would buy into the travel industry right now? Some are betting on the public. American Express Global Business Travel chair Greg O’Hara, Teplis Travel CEO Gary Teplis and longtime travel investors at Thayer Ventures since June each created a blank check company to make deals in travel. Investors design such special purpose acquisition companies,…
A shareholder in American Express Global Business Travel is suing two investment firms, Carlyle Group and GIC, to get them to stick to their agreement to buy into the travel management company as announced in December. “An American Express Global Business Travel shareholder, the Juweel group, filed a lawsuit against the Carlyle Group and GIC…
As part of a recapitalization agreement announced Tuesday, existing and new investors in the American Express Global Business Travel joint venture made a ten-year commitment. Chairman Greg O’Hara intends to stay in the role that long, as well. Owners affirmed a $5 billion value for the company, including debt. During a Wednesday phone interview, O’Hara…
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