American Express Global Business Travel (GBT) said on Friday it would merge with a blank-check firm backed by Apollo Global Management Inc (APO.N) to go public in a deal valued at around $5.3 billion.
The merger with Apollo Strategic Growth Capital (APSG.N) will deliver gross proceeds of up to $1.2 billion, including a $335 million private investment in public equity, or PIPE.
Investors in the PIPE included investment manager Ares Management Corp, travel technology company Sabre Corp (SABR.O) and Zoom Video Communications Inc (ZM.O).
The deal comes at a time when business travel is recovering from a pandemic-induced slump, in a boost for companies like AmEx GBT that help plan corporate trips.
The merger is expected to close in the first half of 2022, after which the company will trade on the New York Stock Exchange under the symbol "GBTG."
Read original article