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American Express Global Business Travel (GBT), the world’s leading business partner for managed travel, today announces the signing of an agreement for an equity recapitalisation of its joint venture ownership structure to maintain GBT’s focus on its long-term growth strategy.

Since the joint venture was formed in 2014, it has established its position as the world’s largest travel management company. GBT has more than 18,000 employees across a network of more than 140 countries and manages more than $35 billion of corporate travel every year.

American Express (NYSE: AXP) will retain its 50% ownership stake, while the Certares-led investor group holding the other 50%, including Qatar Investment Authority, certain funds managed by BlackRock, and Teacher Retirement System of Texas, will now include The Carlyle Group’s (NASDAQ: CG) long-duration private equity platform, Carlyle Global Partners, and GIC, an institutional investor. In addition, the University of California Office of the Chief Investment Officer of the Regents, and Kaiser Permanente, have also joined the investor group. Greg O’Hara, the Founder and Senior Managing Director of Certares, will continue as Executive Chairman of the GBT Board of Directors.

O’Hara said: “This investment validates the success of the joint venture and underscores the strength of our long-term growth strategy. We are pleased to continue working with American Express and nearly all of our original investors, as well as welcoming Carlyle, GIC and others to the group.”

Leading GBT’s next phase are recently appointed Chief Executive Officer Paul Abbott, and members of GBT’s executive management team continuing in their current roles. Abbott said: “To have the continued support of growth-oriented investors willing to commit capital for long-term value creation is great news for our business, our customers and our people. We are poised for the next phase of organic growth and M&A activity, fueled by continued investment in breakthrough technology and our unwavering commitment to putting our customers and their travellers at the center of everything we do.”