Qantas - Qantas Frequent Flyer
Member since 11 Oct 2014
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American Express Global Business Travel (GBT) has just announced the purchase of Egencia, which will now fulfill the role of AMEX's Global Business Travel division.
Egencia is currently wholly-owned by Expedia and is operated as Expedia's business travel division.
Prior to the Egencia acquisition, the Global Business travel division of American Express was a joint operation where AMEX held a 50% interest with an unspecified partner. The purchase of Egencia will enable AMEX to beef up its Business Travel division.
Expedia will become a shareholder of AMEX GBT and enter into a longterm agreement with the group.
Acquisition costs of the deal between AMEX GBT and Expedia have not been revealed, as yet. Nor has the date of finalisation. However, the merger date can't be too far off, as MarketWatch (which revealed the merger) is also carrying an allied article on the resignation of the Egencia CFO and his subsequent move to a new employer, prior to the divestment.
AMEX currently has a market cap of USD $124.13B and Expedia's market cap is USD $25.46B (as at 4/5/21).
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American Express Announces The Purchase Of Egencia
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