American Express Global Business Travel began trading as a public company on the New York Stock Exchange on Tuesday.
The debut marks the completion of Amex GBT’s merger with dedicated acquisition company Apollo Strategic Growth Capital, which was first announced in December. The deal closed on May 27 following Apollo shareholder approval, and the shares, symbolized GBTG (Global Business Travel Group), opened on Tuesday at $7.55 per share.
The debut is “a significant milestone in the recovery of the business travel industry and for Amex GBT,” said Amex GBT CEO Paul Abbott. “With strategic initiatives over the past few years, including additional acquisitions, product and technology enhancements, and long-term cost reductions, we are confident that we are very well positioned to win the majority of the $1.4 trillion business travel market. company, we will have the opportunity to further accelerate our growth strategy.”