News: American Express Sells Half Business Travel DivisionApril 8th, 2014 by The JetSetter Team | Comments Off on News: American Express Sells Half Business Travel Division
In 2014, Americans are going to be spending more on business travel than ever before, industry experts predict. Business travel is expected to rise 6.6% and $289.8 billion, with the largest jump coming from international travel (despite mediocre jumps in past years). And American Express is responding by selling one half of its business travel division in an attempt to create a separate venue.
While the sale isn’t yet final, the company is giving up half of its global business travel division is exchange for (you’ll see why, here in a second….) $900 million, spearheaded by New York investment firm Certares. Certares will share ownership with Qatar Investment Authority, BlackRock, and Macquarie Capital.
The company will continue to provide a variety of travel services, including flight, hotel, and car rental reservations to those traveling for business purposes.
As a separate business venture, American Express business travel will be rebranded as American Express Global Business Travel, and Bill Glen, former president of global commercial services for American Express, will take charge.
The separation is expected to increase and accelerate the growth process by exploring new and relevant technological advances and improving analytic and service to benefit suppliers, partners, and an ever-expanding international customer base.
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The Jetsetter Show Team