This exit filing confirms the final monetization of American Express's stake in GBTG at the merger price. No further activist activity or ownership changes are expected from this filer. Monitor for any post-merger regulatory filings or potential earn-out disclosures if applicable.
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Executive Summary
American Express Co. filed a final amendment to its Schedule 13D, confirming it ceased to be a beneficial owner of more than 5% of Global Business Travel Group (GBTG) common stock following the completion of the all-cash merger with Long Lake Management on September 29, 2026. At the merger's effective time, all 157,786,199 shares held by Amex HoldCo. were converted into the right to receive $9.50 per share, and the Voting and Support Agreement and Shareholders Agreement terminated. This is an exit filing — American Express no longer holds any GBTG shares.
Key Financial Metrics
Key Facts
- American Express Co. filed Amendment No. 4 to its Schedule 13D, an exit filing, reporting it ceased to be a beneficial owner of more than 5% of GBTG common stock.
- The merger of GBTG with a subsidiary of Long Lake Management closed on September 29, 2026, at $9.50 per share.
- At the effective time, 157,786,199 shares of common stock held by Amex HoldCo. were cancelled and converted into the right to receive $9.50 per share.
- The Voting and Support Agreement and Shareholders Agreement terminated in connection with the merger closing.
- American Express Co. now beneficially owns zero shares of GBTG common stock.
Financial Impact
American Express received $9.50 per share for its 157,786,199 shares, totaling approximately $1.499 billion in cash consideration from the merger.
Risk Factors
- No ongoing exposure to GBTG equity — American Express has fully exited.
- Potential for post-closing adjustments or litigation related to the merger consideration, though none indicated in this filing.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0000004962-26-000356 |
| Document: 0000004962-26-000356-index.html | 0000004962-26-000356 |
| Document: 0000004962-26-000356.txt | 0000004962-26-000356 |
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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