American Express Global Business Travel to purchase corporate-travel platform Egencia from Expedia
American Express Global Business Travel, a joint venture 50% owned by American Express Co. (AXP), has made a binding offer to purchase corporate-travel platform Egencia from Expedia Group Inc. (EXPE), according to a Tuesday morning press release. The deal would make Egencia a part of American Express's Global Business Travel (GBT) group. Through the arrangement, Expedia Group intends to become a shareholder of GBT and enter into a long-term commercial agreement with the group. "In Egencia, we would welcome the industry's leading digital business travel platform," said Paul Abbott, the chief executive of GBT, in a release. Expedia expects that the supply agreement reached between the two companies will "meaningfully further Expedia Group's goal of powering businesses across the entire eco-system," according to a statement from Expedia Business Services President Ariane Gorin in the release. Terms of the deal weren't disclosed. American Express shares are down 1% in Tuesday morning trading while Expedia shares are off 1.9%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 04, 2021 10:49 ET (14:49 GMT)
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