American Express Global Business Travel (GBT) has announced plans to become a public company, with the assistance of special purpose acquisition firm Apollo Strategic Growth Capital.
The combination is expected to create the world's largest publicly traded B2B travel platform, which plans to list on the New York Stock Exchange ("NYSE") under the new ticker symbol "GBTG."
GBT says the move will position it to accelerate its existing growth strategy, while providing additional investment capacity and flexibility to create more value and choice for customers.
"Becoming a public company will be a historic milestone on GBT's growth journey," says Paul Abbott, GBT's CEO. "Commitments from new investors like Zoom, Sabre, Apollo, Ares and HG Vora are a huge vote of confidence in our business and the future of business travel, and meetings and events."
Communications platform company Zoom Video Communications; global travel technology company Sabre; APSG's sponsor, an affiliate of alternative asset manager Apollo; funds managed by the private equity group of Ares Management Corporation ("Ares"); and investment adviser HG Vora, are among a new group of strategic and institutional investors.
Following the closing of the transaction, these companies will join existing shareholders, including American Express Company, one of the world's largest payment and card services providers, Expedia Group, one of the world's largest online travel businesses, and Certares, a travel investment specialist.
The involvement of Zoom is interesting, pointing to a hybrid future of virtual and in-person business travel and events.
"We are thrilled to invest in GBT and look forward to working with their talented team as they strive to deliver innovative and engaging virtual, face-to-face, and hybrid meeting and event experiences," said Kelly Steckelberg, Zoom's Chief Financial Officer at Zoom.
"Companies are increasingly looking for experts and best-in-class technology solutions for meetings and events in the new hybrid world, as evidenced by the demand for Zoom Events," Steckelberg added.
Under an 11-year agreement to take effect upon closure of the transaction, GBT will continue to have the right to use the American Express trademark in connection with the American Express Global Business Travel and American Express GBT Meetings & Events brands.
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