American Express Global Business Travel (GBT) is nearing a merger with a blank-check firm backed by Apollo Global Management Inc to go public with a valuation of around $5.3bn, the Wall Street Journal reported on Friday here.
The deal with Apollo Strategic Growth Capital could be announced as soon as Friday, the report said, citing people familiar with the matter.
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Apollo and AmEx GBT did not immediately respond to Reuters requests for comment.
AmEx GBT helps corporate employees with their travel arrangements. It was a wholly-owned unit of AmEx until 2014, when the company sold half its stake here to a group of investors led by investment firm Certares LP.
The potential deal comes at a time when global business travel is slowly recovering from a pandemic-induced slump.
SPACs like Apollo Strategic Growth Capital are publicly listed shell companies that raise funds with the intention of merging with a private entity, allowing firms to go public while sidestepping a traditional initial public offering.
Source: Reuters
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