Big, legacy travel management companies are growing, snapping up smaller travel agencies as they seek to expand across the globe. American Express Global Business Travel is the largest of all of these companies — at least when it comes to transaction volume — and it will likely keep its top spot for a while.
The company announced Tuesday it was signing a recapitalization agreement, bringing on a bunch of new investors with new money and new ideas. While American Express still holds a controlling stake in the company, a group of investors led by Certares is jumping on board, bringing the total valuation of the company up to about $5 billion.
This money means American Express GBT can spend even more on technology, a major goal for the company. Greg O’Hara, the founder and senior managing director of Certares, told Skift that new mergers and acquisitions, and investment in advanced tech, is definitely on the horizon.
Read this story, and many more, below.
— Isaac Carey, Travel Reporter
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The Future Of Travel
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Travel Reporter Isaac Carey [firstname.lastname@example.org] curates the Skift Corporate Travel Innovation Report. Skift emails the newsletter every Thursday.