December 17, 2019 / 8:45 PM / 5 months ago

Carlyle, others to buy stake in AmEx's corporate travel business

FILE PHOTO: The logo of the Carlyle Group is displayed at the company's office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato/File Photo

(Reuters) - Private equity firm Carlyle Group LP (CG.O) said on Tuesday it had agreed to buy a stake in credit-card issuer American Express Co’s (AXP.N) corporate travel business, along with a consortium of investors.

American Express Global Business Travel (GBT), which helps employees of companies with their travel arrangements, was a wholly-owned unit of AmEx until 2014 when it sold half its stake to a group of investors led by investment firm Certares LP.

A part of the stake owned by the Certares led-investor group would be sold to Carlyle Global Partners, Singapore’s sovereign wealth fund GIC, the University of California Office of the Chief Investment Officer of the Regents and Kaiser Permanente.

The terms of the deal were not disclosed.

The deal values GBT at $5 billion, including debt, The Wall Street Journal said on.wsj.com/2EqKisp, citing a source familiar with the matter.

Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli

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