The activist campaign is fully resolved with the merger closing. QIA's conversion to a private equity holder in Topco removes any further public activist pressure on GBTG. Monitor any future Topco liquidity events or secondary sales by QIA for read-through on their conviction.
Price Chart
Executive Summary
Qatar Investment Authority (QIA) filed Amendment No. 3 to its Schedule 13D, reporting that as of September 29, 2026, the merger of Global Business Travel Group (GBTG) with a subsidiary of Long Lake Management closed. QIA's wholly-owned subsidiary, QIA Retail Holding LLC, held 87,659,000 shares of GBTG common stock prior to closing. Of those, 31,278,962 shares were rolled over into Topco (the private parent entity) in exchange for Topco equity, and the remaining 56,380,038 shares were cashed out at $9.50 per share. As a result, QIA now beneficially owns zero shares of GBTG common stock, which has been delisted.
Key Financial Metrics
Key Facts
- QIA's prior stake of 87,659,000 shares was fully resolved upon merger close.
- 31,278,962 shares were rolled into Topco equity; 56,380,038 shares received $9.50 cash each.
- QIA now holds 0 shares of GBTG common stock.
- The merger closed on September 29, 2026, at $9.50 per share, a 65.1% premium to 30-day VWAP.
- GBTG common stock was delisted from NYSE upon merger completion.
Financial Impact
QIA received approximately $535.6 million in cash for 56,380,038 shares at $9.50, plus an undisclosed equity stake in Topco for the rolled shares.
Risk Factors
- No remaining public equity exposure for GBTG; delisted security offers no trading opportunity.
- QIA's Topco stake is illiquid and subject to private company governance.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001140361-26-037988 |
| Document: 0001140361-26-037988-index.html | 0001140361-26-037988 |
| Document: 0001140361-26-037988.txt | 0001140361-26-037988 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 16d ago | 15-12G | — | awaiting T+60 | — | — |
Oct 5, 2026 21d ago | EFFECT | — | awaiting T+60 | — | — |
Oct 5, 2026 21d ago | EFFECT | — | awaiting T+60 | — | — |
Oct 5, 2026 21d ago | EFFECT | — | awaiting T+60 | — | — |
Oct 1, 2026 25d ago | SC 13D/A | $9.49 | awaiting T+60 | — | — |
Sep 29, 2026 27d ago | SC 13D/A | $9.49 | awaiting T+60 | — | — |
Sep 29, 2026 27d ago | 25-NSE | $9.49 | awaiting T+60 | — | — |
Sep 29, 2026 27d ago | 8-K | $9.49 | awaiting T+60 | — | — |
Aug 7, 2026 11w ago | Insider Cluster | $9.46 | awaiting T+60 | — | — |
Aug 4, 2026 11w ago | 8-K | $9.43 | awaiting T+60 | — | — |
US Market Status
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