Long Lake completes ~$6.3B take-private of Amex GBT

Global Business Travel Group, Inc. said that on September 29, 2026 Long Lake Management completed its all-cash acquisition of the company — American Express Global Business Travel — in a transaction valuing Amex GBT at approximately $6.3 billion, with stockholders receiving $9.50 per share in cash and GBTG common stock set to delist from the NYSE (Form 8-K AccNo 0001140361-26-037931).

Global Business Travel Group closed its take-private by Long Lake Management on September 29, 2026 — an all-cash deal valuing American Express Global Business Travel at about $6.3 billion, not a still-open agreement.

$6.3 billion acquisition CLOSE

On September 29, 2026 (the Closing Date), Global Business Travel Group, Inc. (NYSE: GBTG) completed the merger contemplated by its May 2, 2026 Agreement and Plan of Merger with Gaia Purchaser, Inc. and Gaia Merger Sub, Inc., vehicles associated with Long Lake Management. Merger Sub merged into the company; the company survived as a wholly owned subsidiary of Parent. The company disclosed the close in Form 8-K AccNo 0001140361-26-037931 (Items 1.01, 1.02, 2.01, 2.03, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, and 9.01), with a joint press release attached as Exhibit 99.1.

The press release says the all-cash transaction values Amex GBT at approximately $6.3 billion. The deal was previously announced May 4, 2026 and approved by Amex GBT stockholders at a Special Meeting on August 3, 2026. Under the merger agreement, holders of Company Class A common stock received $9.50 per share in cash — a 65.1% premium to the 30-day VWAP from the date of the merger agreement, the release says.

NYSE delisting and private ownership

In connection with completion, Amex GBT common stock ceased trading and will be delisted from the New York Stock Exchange. The company will operate as a privately held company. Item 3.01 states the company requested that NYSE suspend trading before the open on the Closing Date and file a Form 25 for removal from listing and Section 12(b) deregistration.

Concurrent $1.5B term loan; $250M revolver undrawn

On the Closing Date, Gaia MidCo Purchaser, Inc. (Holdings) and Parent entered a Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent providing (a) a $1.5 billion senior secured first-lien term loan facility that was fully drawn on the Closing Date and (b) a $250 million senior secured first-lien revolving credit facility that was not drawn on the Closing Date. Obligations are guaranteed by Holdings and certain subsidiaries (including the company on the Closing Date) and secured on a first-priority basis by substantially all assets of the credit parties, as summarized in Item 1.01 (incorporated into Item 2.03).

Concurrently, the company and its subsidiaries repaid loans and terminated commitments under the prior Amended and Restated Credit Agreement dated July 26, 2024, as amended (Item 1.02).

Equity and debt financing mix

The press release says the transaction is financed with equity from Long Lake's existing investors and Koch Equity Development LLC — the principal investment and acquisition arm of Koch, Inc. — plus committed debt financing. Named advisors include Rothschild & Co and Kirkland & Ellis LLP for the Special Committee; Skadden, Arps, Slate, Meagher & Flom LLP for Amex GBT; Latham & Watkins LLP for Long Lake (Gibson Dunn as financing counsel); and Moelis & Company LLC and Jones Day for Koch Equity Development.

Why the close matters

A completed ~$6.3 billion take-private removes a NYSE-listed managed-travel platform from public markets on a stated Closing Date, locks the $9.50 cash exit, and replaces the prior credit package with a fully drawn $1.5 billion term loan plus an undrawn $250 million revolver — facts that differ from announcement-only or agreement≠close coverage.

Sources & evidence

- Global Business Travel Group Form 8-K AccNo 0001140361-26-037931 (Items 1.01/1.02/2.01/2.03/3.01/3.03/5.01/5.02/5.03/8.01/9.01) — Closing Date September 29, 2026; merger completion; concurrent Credit Agreement ($1.5B TL drawn / $250M RCF undrawn); prior credit termination; NYSE delisting path. - Exhibit 99.1 joint press release dated September 29, 2026 — ~$6.3 billion valuation; $9.50/share; 65.1% premium to 30-day VWAP; stockholder approval August 3, 2026; private-company status; financing mix and advisors.