Under the agreement, American Express will share equal ownership of the venture with an investor group led by Certares, in exchange for an investment of USD 900 million. The investor group includes Qatar Investment Authority, BlackRock and Macquarie Capital.
The business will continue to operate under the American Express Global Business Travel brand. American Express expects to execute commercial agreements with the joint venture to provide services for the benefit of mutual customers of GBT and American Express’ other business units, such as Global Corporate Payments, which issues the American Express Corporate Card and provides business-to-business payment solutions.
The joint venture will build upon GBT’s technology to support digital servicing capabilities, mobile applications, reporting tools, as well as itinerary management solutions.
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