Dechert Advises Certares, Investor Group in $900 Million American Express Joint Venture For Business Travel

American Express Company today announced that it has signed an agreement to create a joint venture for its Global Business Travel division ("GBT"). Under the agreement, American Express will share ownership of the joint venture with an investor group led by Certares. In the proposed transaction, American Express will separate its GBT operations into a dedicated holding structure, which will include certain assets and liabilities that currently comprise GBT, and will have a 50% ownership stake in the joint venture following the closing. In exchange for an investment of US$900 million in the joint venture, the investor group will hold the remaining 50%. American Express initially announced its intention to pursue this joint venture transaction in September 2013. The business will continue to operate under the "American Express Global Business Travel" brand following the closing.

Dechert is advising the Certares-formed investor group, which includes Qatar Investment Authority through its wholly-owned subsidiary Qatar Holding LLC, funds managed by Blackrock, Certares itself and Macquarie Capital.

The Dechert team advising the Certares investor group in this matter was led by partner Geraldine Sinatra and included corporate partner Stephen Leitzell and corporate associates Gregory Schernecke, Jennifer Porter and Rachel Farr; partner Edward Lemanowicz (Tax) and associate Eric Rubin (Employee Benefits) were also on the team.

For more information on the transaction, read the full press release.

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