Amex nets $900M from creation of joint venture, promises a digital future
Amex will get $900 million as part of a major deal to share ownership of its Business Travel Division with the Certares investment group.
The Certares led collection of companies includes Qatar Holding, BlackRock and Macquarie Capital, as well as Certares itself, and will hold a 50% stake in thedivision.
The announcement comes six months after Amex disclosed it was in talks to create a joint venture for its business travel division, a move it said at the time would yield somewhere in the region of $700 million to $1 billion.
Former-president of Global Commercial Services at Amex, Bill Glenn, will move to the joint venture to become its be president and CEO.
Read full story at: http://www.tnooz.com/article/amex-joint-venture-announcement/