The stock is now delisted and will be deregistered — no further trading in GBTG. Monitor for any appraisal rights litigation from dissenting stockholders, and watch for potential future IPO or secondary sale by Long Lake, which could surface in a few years.
Price Chart
Executive Summary
Long Lake Management completed its all-cash acquisition of Global Business Travel Group (Amex GBT) for approximately $6.3 billion, or $9.50 per share, representing a 65.1% premium to the 30-day VWAP. The merger closed on September 29, 2026, resulting in the delisting of GBTG common stock from the NYSE, the resignation of all board members, and the amendment of the company's charter and bylaws as it becomes a privately held subsidiary of Long Lake.
Key Financial Metrics
Key Facts
- Acquisition completed at $9.50 per share in cash, valuing the company at approximately $6.3 billion.
- The $9.50 per share price represents a 65.1% premium to the 30-day VWAP from the date of the merger agreement (May 2, 2026).
- Stockholders approved the merger at a Special Meeting on August 3, 2026.
- GBTG common stock has ceased trading and will be delisted from the NYSE; the company will file a Form 15 to terminate SEC reporting obligations.
- A new $1.5 billion senior secured first-lien term loan facility and a $250 million revolving credit facility were entered into to finance the transaction.
- All prior credit facilities were repaid and terminated concurrently with the merger closing.
- All members of the board of directors resigned effective at the merger's effective time.
- The certificate of incorporation and bylaws were amended and restated; the surviving corporation is authorized to issue only 1,000 shares of common stock.
- Equity awards (options, RSUs, PSUs) were cashed out at the $9.50 per share price.
- Financing included equity from Long Lake's existing investors and Koch Equity Development LLC, plus committed debt financing.
Financial Impact
All-cash acquisition valued at approximately $6.3 billion; stockholders received $9.50 per share, a 65.1% premium to the 30-day VWAP. New debt financing of $1.5 billion term loan and $250 million revolver was put in place.
Risk Factors
- Appraisal rights may be exercised by dissenting stockholders, leading to potential litigation over fair value.
- Integration risk as Amex GBT is folded into Long Lake's portfolio and its AI transformation platform.
- High leverage from the $1.5 billion term loan could constrain future investment or create refinancing risk.
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-037931 |
| Document: ef20082602_8k.htm | 0001140361-26-037931 |
| Document: ef20082602_ex3-1.htm | 0001140361-26-037931 |
| Document: ef20082602_ex99-1.htm | 0001140361-26-037931 |
| Document: 0001140361-26-037931-index-headers.html | 0001140361-26-037931 |
| Document: 0001140361-26-037931-index.html | 0001140361-26-037931 |
| Document: 0001140361-26-037931.txt | 0001140361-26-037931 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 15-12G | — | awaiting T+60 | — | — |
Oct 5, 2026 22d ago | EFFECT | — | awaiting T+60 | — | — |
Oct 5, 2026 22d ago | EFFECT | — | awaiting T+60 | — | — |
Oct 5, 2026 22d ago | EFFECT | — | awaiting T+60 | — | — |
Oct 1, 2026 26d ago | SC 13D/A | $9.49 | awaiting T+60 | — | — |
Sep 29, 2026 28d ago | SC 13D/A | $9.49 | awaiting T+60 | — | — |
Sep 29, 2026 28d ago | 25-NSE | $9.49 | awaiting T+60 | — | — |
Sep 29, 2026 28d ago | 8-K | $9.49 | awaiting T+60 | — | — |
Aug 7, 2026 11w ago | Insider Cluster | $9.46 | awaiting T+60 | — | — |
Aug 4, 2026 12w ago | 8-K | $9.43 | awaiting T+60 | — | — |
US Market Status
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