American Express Aktie
WKN: 850226 / ISIN: US0258161092
17.03.2014 21:19:25
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American Express Signs Deal To Create Business Travel JV
(RTTNews) - American Express Co. (AXP) said Monday that it has signed an agreement to create a joint venture for its Global Business Travel division.
Under the agreement, American Express will share ownership of the joint venture with an investor group led by Certares.
In the proposed deal, American Express will separate its Global Business Travel division operations into a dedicated holding structure, which will include certain assets and liabilities that currently comprise the Global Business Travel division, and will have a 50% ownership stake in the joint venture following the closing. In exchange for an investment of $900 million in the joint venture, the investor group will hold the remaining 50%.
American Express initially announced its intention to pursue the joint venture transaction in September 2013.
The Certares-formed group includes Qatar Investment Authority through its wholly-owned subsidiary Qatar Holding LLC, funds managed by BlackRock, Certares itself and Macquarie Capital.
The business will continue to operate under the "American Express Global Business Travel" brand following the closing.
Bill Glenn, formerly President of Global Commercial Services at American Express, will be President and Chief Executive Officer of the joint venture. Certares founder Greg O'Hara will serve as Chairman of the joint venture.
American Express expects to close the joint venture deal in the second quarter of 2014. The company said it expects to use a substantial portion of any gain recognized upon a closing of the deal to invest in growth initiatives.
American Express' consumer travel business, which provides Card Members and other consumers with travel benefits and services, is not part of the deal.

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American Express Co. | 242,60 | -2,04% |
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