Business Travel

Amex GBT Shares Open on NYSE

Written by pgex7

American Express Global Business Travel on Tuesday began trading as a public company on the New York Stock Exchange.

The debut marks completion of Amex GBT’s merger with a special purpose acquisition company Apollo Strategic Growth Capital, first announced in December. That deal closed on May 27 following approval by Apollo shareholders, and shares under the symbol GBTG (Global Business Travel Group) opened at $7.55 per share on Tuesday. [Update: Shares closed Tuesday at $8.37 per share.]

The debut is “a significant milestone in the business travel industry recovery and for Amex GBT,” Amex GBT CEO Paul Abbott said in a statement. “With strategic acquisition initiatives over the last few years, including complementary accretives, product and technology enhancements and lasting cost reductions, we have confidence that we are very well positioned to win a larger portion of the $1.4 trillion business travel market. As a publicly traded company, we will have the flexibility to further accelerate our growth strategy.”

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