Dechert Advises Certares, Investor Group in Connection with American Express Global Business Travel’s US$5.3 Billion Business Combination Agreement with Apollo Strategic Growth Capital
Dechert is advising Certares and the investor group led by Certares in connection with American Express Global Business Travel’s (GBT) definitive business combination agreement with special purpose acquisition company Apollo Strategic Growth Capital (APSG). The US$5.3 billion combination is expected to create the world’s largest publicly traded B2B travel platform, which plans to list on the New York Stock Exchange under the new ticker symbol “GBTG”.
The transaction is expected to be completed in the first half of 2022 subject to the satisfaction of customary closing conditions, including approval of the business combination by APSG’s shareholders and certain regulatory approvals. Upon the closing of the transaction, the combined company will be renamed Global Business Travel Group, Inc. and will continue to conduct its day-to-day business under its existing name and brand American Express Global Business Travel.
GBT is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings and events for companies of all sizes.
Established in 2012, Certares focuses on direct investments in proprietary transactions, leveraging deep sector experience in the travel and hospitality industries, and with a consistent emphasis on partnership with management teams to drive growth. Certares brings together a team with decades of both operational and investment experience in private equity, travel, tourism, hospitality and travel-related business and consumer services.
The Dechert team advising Certares includes corporate partners Gregory Schernecke and Geraldine Sinatra and associates Verónica Casellas Santana and Paul Bennett; tax partner Edward Lemanowicz and associate George Davis; international trade partner Darshak Dholakia; and antitrust counsel Michael Okkonen.
Dechert is a leading global law firm with 22 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.