Amex announced Monday.
Committing $900 million for a 50 percent stake in the joint venture, which will
carry the American Express Global Business Travel name, the investor group
"includes Qatar Investment Authority through its wholly-owned subsidiary
Qatar Holding LLC, funds managed by BlackRock, Certares itself and Macquarie
Capital," according to American Express. Current American Express
Global Business Travel
president and CEO Bill Glenn will hold the same
role for the joint venture, while Certares founder Greg O'Hara will serve
as chairman. The $900 million comes in at the higher end of the $700 million to
$1 billion range
initially envisioned. "American Express would
expect to use a substantial portion of any gain recognized upon a closing of
the transaction to invest in growth initiatives," according to the
company. Amex expects the deal to close by the end of June, pending regulatory
approvals and other closing conditions.