American Express Co. has agreed to create a joint venture for its Global Business Travel unit, in what it said represents the largest single investment ever made in a travel-management business.
The credit card issuer said it would share ownership of the venture equally with a group led be Certares, in exchange for an investment of $900 million. The investor group includes Qatar Investment Authority, BlackRock and Macquarie Capital, the company said in a release.
Amex’s travel management company, the largest by sales, according to the company, will continue to operate under the “American Express Global Business Travel” brand.
Its consumer travel business, which provides card members and other consumers with travel benefits and services, is not part of the transaction.
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