American Express Global Business Travel, a joint venture 50% owned by American Express Co. , has made a binding offer to purchase corporate-travel platform Egencia from Expedia Group Inc. , according to a Tuesday morning press release. The deal would make Egencia a part of American Express’s Global Business Travel (GBT) group. Through the arrangement, Expedia Group intends to become a shareholder of GBT and enter into a long-term commercial agreement with the group. “In Egencia, we would welcome the industry’s leading digital business travel platform,” said Paul Abbott, the chief executive of GBT, in a release. Expedia expects that the supply agreement reached between the two companies will “meaningfully further Expedia Group’s goal of powering businesses across the entire eco-system,” according to a statement from Expedia Business Services President Ariane Gorin in the release. Terms of the deal weren’t disclosed. American Express shares are down 1% in Tuesday morning trading while Expedia shares are off 1.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
