American Express Business Travel Account
American Express announced on Monday that they have agreed to sell half of its business travel division to a group of investors for $900 million. The decision came after a decline in business sales as customers began to rely more on digital technology for bookings.
American Express is creating a joint venture with an investor group led by Certares International Bank LLC, which includes Qatar Holding LLC, and funds being managed by BlackRock Inc. and Macquarie Capital. The joint venture will see Bill Glenn, former President of Global Commercial Services at American Express, positioned as President and Chief Executive Officer, and Greg O’Hara, founder of Certares, positioned as Chairman.