Long Lake Management, the world's first AI holding company, has completed its all-cash acquisition of American Express Global Business Travel, or Amex GBT, in a deal valued at approximately US$6.3 billion. The transaction was originally announced on May 4, 2026, and approved by Amex GBT stockholders on August 3, 2026. With the closing, Amex GBT will delist from the New York Stock Exchange and operate as a private company under Long Lake.
Transaction Details
Under the terms of the merger agreement, Amex GBT stockholders received US$9.50 per share in cash, representing a 65.1% premium to the 30-day volume weighted average price from the date of the merger agreement. The company's common stock has ceased trading and will be delisted from the New York Stock Exchange. Financing for the acquisition combines equity from Long Lake's existing investors and Koch Equity Development LLC with committed debt financing.
Approval and Advisors
Stockholders approved the transaction at a special meeting held on August 3, 2026. Rothschild & Co acted as financial advisor to the Special Committee, with Kirkland & Ellis LLP serving as its legal counsel, while Skadden, Arps, Slate, Meagher & Flom LLP advised Amex GBT. Latham & Watkins LLP advised Long Lake, Gibson Dunn served as financing counsel, Moelis & Company LLC advised Koch Equity Development, and Jones Day acted as its legal counsel.
Leadership Commentary
Amex GBT Chief Executive Officer Paul Abbott said the milestone brings Long Lake's leading AI engineering team into the company, accelerating the future of managed travel. He highlighted expected innovation in agentic customer tools and AI-empowered travel counselors that will make service faster, smarter, and more personalized. Abbott stressed that customers remain at the center of the company's approach.
Long Lake Co-Founder and Chief Executive Officer Alex Taubman said Amex GBT has earned trust over more than a century by supporting millions of travelers in mission-critical moments. He described the opportunity to partner with Amex GBT as an honor. Taubman added that Long Lake intends to invest heavily in advancing the frontier of AI deployment across the travel experience.
Strategic Rationale
The acquisition positions Long Lake to deploy its proprietary Nexus AI transformation platform across Amex GBT's global travel, expense, and meetings and events operations. Long Lake says the combination will support Amex GBT's travel and service teams while helping redefine the managed travel experience. The deal also removes Amex GBT from public markets, giving the combined entity greater flexibility to pursue long-term technology investments.
About the Companies
Amex GBT is a leading software and services company for travel, expense, and meetings and events, with professionals and business partners in more than 140 countries. Long Lake was founded in 2023 and has acquired and partnered with dozens of services businesses, using frontier technology to accelerate growth and customer experience. Long Lake is backed by investors including General Catalyst, Alpha Wave, Elad Gil, D1, and Thrive.
The completion of this transaction marks a significant step in the convergence of artificial intelligence and managed business travel. By bringing Amex GBT into its portfolio, Long Lake gains a global platform with deep corporate relationships and operational scale. The combined organization will now focus on delivering AI-driven innovation while maintaining the service standards that have defined Amex GBT for decades.