Corporate travel platform’s strategic review reflects pressure in a shifting market
Nov 25, 2025
Amex GBT is considering a possible sale following a year of declining share performance and increased scrutiny of its recent acquisitions. The company has engaged advisers to evaluate interest from other corporate travel platforms and private equity buyers, though no final decision has been made. Leadership may still opt to keep the company independent if a sale does not offer a compelling outcome. The review underscores the pressures facing major business-travel providers as the market evolves and consolidates.
Key takeaways
- Strategic review underway: Amex GBT is working with advisers to assess a potential sale amid continued stock underperformance.
- Uncertain outcome: The company may ultimately choose to remain independent if a transaction does not materialize.
- Market pressures: Shares have fallen 23% over the past year, prompting leadership to consider alternatives.
- Recent acquisitions under scrutiny: The 2024–2025 acquisition of CWT drew attention from US and UK antitrust regulators.
- Complex ownership structure: American Express remains the largest shareholder with a 30.1% stake despite the 2014 spin-out.
- Crowded competitive landscape: Amex GBT faces competition from Booking Holdings, Expedia, BCD Travel, and newly public Navan.
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