American Express announced its intention to shift its Global Business Travel division into a joint venture structure

co-owned by investors represented by Certares, a private equity firm. Amex would retain a 50 percent ownership stake in the JV—which would continue using the American Express Global Business Travel brand—as well board representation and links with other Amex operations, notably the Global Corporate Payments division. The investor group led by Certares would obtain the remaining 50 percent by injecting $700 million to $1 billion, "which would be used by the joint venture to grow the Global Business Travel business," according to Amex. American Express Global Business Travel president Kim Goodman told The Beat that she and her management team for now is "very much in place" and is "very much focused" on managing the business and preparing for "a successful 2014 that will include this transition." It is expected that the exact investment by the Certares group, which is led by industry veteran Greg O'Hara, would be determined in the first quarter of 2014 and that the transaction would close in the second quarter.