(Dec 18): American Express Global Business Travel said Carlyle Group and several big name investors are buying a stake in the corporate travel company.

American Express Co. will retain 50% ownership, according to a statement Tuesday. The deal values the unit at US$5 billion ($6.8 billion), including debt, according to a person familiar with the matter.

The unit offers travel services primarily to businesses that need to book airfare and hotel rooms. The corporate travel business is growing. More than US$305 billion was spent on such travel in 2018, a 4.5% gain from the year earlier, according to Bloomberg Intelligence, citing data from the Global Business Travel Association.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook