Long Lake to Acquire American Express Global Business Travel in $6.3 Billion Take-Private Deal Backed by General Catalyst and Alpha Wave

Transaction combines Long Lake’s applied AI capabilities with Amex GBT’s marketplace, customer relationships and technology solutions to make business travel faster, smarter and more seamless for every traveler

• Amex GBT shareholders to receive $9.50 per share in cash, representing 65.1% premium to the 30-day VWAP
• Major shareholders collectively representing 69% of GBT’s shares have entered into voting agreements in support of the transaction, including American Express, Expedia, Qatar Investment Authority, and BlackRock
• American Express brand licensing agreement to remain in place, ensuring continuity for clients, partners and travelers worldwide

New York – May 4, 2026 – American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) (“Amex GBT” or the “Company”), a leading software and services company for travel, expense and meetings & events, today announced that it has entered into a definitive agreement to be acquired by Long Lake Management (“Long Lake”) for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion. Under the terms of the agreement, Amex GBT shareholders will receive $9.50 per share in cash, which represents a 60.2% premium to Amex GBT’s closing stock price on May 1, 2026, the last full trading day prior to the transaction announcement, and a premium of approximately 65.1% over the volume weighted average price of Amex GBT’s stock for the 30 days ending May 1, 2026. Transaction negotiations were led by a Special Committee of the Amex GBT Board of Directors, composed entirely of independent and disinterested directors. Following the unanimous recommendation of the Special Committee, the Amex GBT Board of Directors approved the merger agreement with Long Lake. Paul Abbott, Chief Executive Officer of Amex GBT, said: “This transaction is a testament to the value of Amex GBT, the success of our strategy and the strength of our incredible team. This agreement delivers a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium. Our customers have always been at the heart of Amex GBT, and this partnership with Long Lake is about serving them even better. General Catalyst and Alpha Wave, among Long Lake’s world-class investors, have backed some of the most successful technology companies in the world. Together with Long Lake’s applied AI capabilities and our travel expertise, global scale, and trusted customer and supplier relationships built over decades, Amex GBT is driving the transformation of business travel.” Ken Chenault, Chairman and Managing Director, General Catalyst; former Chairman and CEO, American Express said: “American Express Global Business Travel was built on trust earned over decades. Similarly, the foundation of the Long Lake model is a strong commitment to extraordinary customer service for the modern era. I am so pleased for both companies, their customers, and the people dedicated to their success – now and in the future.” Alex Taubman, Co-Founder and CEO of Long Lake, said: “Amex GBT is the most trusted partner in corporate travel. The future of business travel will be defined by AI and human agents working seamlessly together on behalf of every traveler: faster booking times, proactive disruption resolution, and frictionless travel administration. In partnership with Long Lake, Amex GBT will continue to invest heavily in these capabilities and continue to set the gold standard for customer excellence.” Certain Terms, Approvals and Timing The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including approval by Amex GBT’s stockholders and receipt of requisite regulatory clearances. Upon completion of the transaction, Amex GBT’s common stock will no longer be publicly listed, and Amex GBT will become a privately held company. The consummation of the merger is not subject to any financing condition. Long Lake intends to have discussions with certain significant stockholders of the Company relating to a potential rollover of a portion of their Amex GBT shares, which discussions have been authorized by the Special Committee, and may enter into rollover agreements with one or more of those parties in advance of the transaction closing. American Express, Expedia, Qatar Investment Authority and BlackRock, collectively representing 69% of GBT’s shares, have entered into voting agreements in support of the transaction. The transaction is being financed with a combination of equity provided by Long Lake’s existing investors and Koch Equity Development LLC (“Koch”), the principal investment and acquisition arm of Koch, Inc. and committed debt financing provided by JPMorgan, Bank of America, Citi, and MUFG.

Advisors

Rothschild & Co. is acting as financial advisor to the Special Committee, and Kirkland & Ellis LLP is acting as legal counsel to the Special Committee. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Amex GBT. Citi is acting as lead financial advisor to Long Lake. JPMorgan and BofA Securities are also acting as advisors to Long Lake. Latham & Watkins LLP is acting as legal counsel to Long Lake with Gibson Dunn as financing counsel. Moelis & Company LLC is acting as financial advisor to Koch Equity Development and Jones Day is serving as its legal counsel.

About Amex GBT

American Express Global Business Travel (Amex GBT) is a leading software and services company for travel, expense, and meetings & events. We have built the most valuable marketplace in travel with the most comprehensive and competitive content. A choice of solutions brought to you through a strong combination of technology and people, delivering the best experiences. With travel professionals and business partners in more than 140 countries, our solutions deliver savings, flexibility, and service from a brand you can trust – Amex GBT.

About Long Lake

Long Lake pioneered the use of frontier technology to accelerate services industries. It has acquired and partnered with dozens of wide-ranging services businesses, improving growth and customer experience with its proprietary Nexus AI transformation platform. It was founded in 2023 and is backed by investors including General Catalyst, Alpha Wave, Elad Gil, D1, Thrive and other strategic partners.

About General Catalyst

General Catalyst is a global investment and transformation company with venture at its core that meets the most ambitious founders where they are from seed to growth stage and beyond to drive resilience and applied AI. We support entrepreneurs with a long-term view who challenge the status quo, and give them access to insanely powerful advantages. With offices across the globe, we have supported the growth of 800+ businesses, including Airbnb, Anduril, Anthropic, Applied Intuition, Commure, Glean, Guild, Gusto, Helsing, Hubspot, Kayak, Livongo, Mistral, Samsara, Snap, Stripe, Sword, and Zepto.

About Alpha Wave

Alpha Wave is a global alternative asset manager that has four main verticals: private equity, private credit, public markets, and insurance/retirement solutions. It is led by Rick Gerson, Navroz Udwadia, and Ryan Khoury. In private equity, Alpha Wave’s objective is to invest in best-in-class growth stage companies defining category leadership in the AI era; in private credit, direct lending to established businesses seeking funding solutions; and in public markets an uncorrelated strategy. Alpha Wave is building an AI-native life insurance and retirement solutions company. Alpha Wave’s investments include SpaceX, Anthropic, OpenAI, Cerebras, TikTok, Aman Resorts, Long Lake, Cognition, HistoSonics and more. Contacts For Amex GBT: Investor Contact Jennifer Thorington Vice President of Investor Relations investor@amexgbt.com  Media Contact Megan Kat Head of Global Communications and Public Affairs megan.kat@amexgbt.com For General Catalyst: Laura Yianni +44 7860 665 041 press@generalcatalyst.com For Long Lake: media@llmh.com