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London, Uk – The Environment Journey & Tourism Council (WTTC) has unveiled the South African Travel & Tourism’s GDP will travel the countrywide economic restoration around the subsequent decade. The forecast from WTTC’s Financial Impact Report (EIR) displays the South African Journey & Tourism sector …
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NEW YORK–(BUSINESS WIRE)–American Express Global Business Travel (“GBT”), the world’s leading B2B travel platform, today announced its entry into a definitive business combination agreement with special purpose acquisition company Apollo Strategic Growth Capital (NYSE: APSG) (“APSG”). The combination is expected to create the world’s largest publicly traded B2B travel platform, which plans to list on the New York Stock Exchange (“NYSE”) under the new ticker symbol “GBTG”. Becoming a public company positions GBT to accelerate its existing growth strategy, while providing additional investment capacity and flexibility to create more value and choice for customers.
Communications platform company Zoom Video Communications; global travel technology company Sabre; APSG’s sponsor, an affiliate of alternative asset manager Apollo; funds managed by the private equity group of Ares Management Corporation (“Ares”); and investment adviser HG Vora, are among a new group of strategic and institutional investors committed to joining GBT’s upsized, oversubscribed PIPE. Upon the closing of the transaction, these companies will join American Express Company, one of the world’s largest payment and card services providers, Expedia Group, one of the world’s largest online travel businesses, and Certares, a travel investment specialist, as shareholders.
Paul Abbott, GBT’s Chief Executive Officer, said: “Becoming a public company will be a historic milestone on GBT’s growth journey. Commitments from new investors like Zoom, Sabre, Apollo, Ares and HG Vora are a huge vote of confidence in our business and the future of business travel, and meetings and events. We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners.”
Sanjay Patel, CEO of APSG and Partner at Apollo, said: “We are delighted to support Paul and the GBT team alongside American Express Company, Expedia Group, Certares and the PIPE investors. We look forward to executing this combination and to supporting GBT’s future growth as a public company.”
Itai Wallach, Partner at Apollo, said: “American Express Global Business Travel is an industry leader with an incredible brand, strong management team and highly strategic shareholder base. This combination is an exciting and unique opportunity to support a leading company with strong staying power and the opportunity to accelerate its growth as a public company.”
Kelly Steckelberg, Chief Financial Officer at Zoom, said: “We are thrilled to invest in GBT and look forward to working with their talented team as they strive to deliver innovative and engaging virtual, face-to-face, and hybrid meeting and event experiences. Companies are increasingly looking for experts and best-in-class technology solutions for meetings and events in the new hybrid world, as evidenced by the demand for Zoom Events.
“Our companies share a relentless focus on the customer experience, and we are excited to leverage our Zoom Events solution to collaborate with GBT to bring unmatched meeting services to businesses of all sizes around the world,” added Steckelberg.
Under an 11-year agreement to take effect upon closure of the transaction, GBT will continue to have the right to use the American Express trademark in connection with the American Express Global Business Travel and American Express GBT Meetings & Events brands.
GBT Investment Highlights
Transaction Overview
The transaction implies a pro forma market capitalization of approximately $5.3 billion and a pro forma enterprise valuation of approximately $5 billion for GBT (assuming no redemptions by APSG’s shareholders).
Current GBT common equity holders are expected to roll their existing equity holdings into the combined company. The transaction is expected to provide up to approximately $1.2 billion in gross proceeds, comprised of APSG’s approximately $817 million of cash held in trust and the upsized $335 million fully committed common stock PIPE financing (the “PIPE Investment”). All references to transaction proceeds are subject to any redemptions by the public shareholders of APSG and payment of transaction expenses.
In addition, GBT has obtained commitments for an additional $1 billion term loan facility to be established under its existing credit agreement to repay approximately $600 million of certain existing term loan facilities and to provide an incremental $400 million of financing for general corporate purposes, including to backstop potential redemptions.
Both GBT and APSG boards of directors have approved the proposed transaction, which is expected to be completed in the first half of 2022 subject to the satisfaction of customary closing conditions, including approval of the business combination by APSG’s shareholders and certain regulatory approvals.
Upon the closing of the transaction, the combined company will be renamed Global Business Travel Group, Inc. and will continue to conduct its day-to-day business under its existing name and brand American Express Global Business Travel.
Webcast Information
GBT and APSG have posted a pre-recorded joint investor conference call and associated presentation materials to investors.amexglobalbusinesstravel.com to discuss the proposed transaction. The investor presentation will also be filed with the Securities and Exchange Commission (“SEC”) by APSG as an exhibit to a Current Report on Form 8-K which can be viewed on the SEC’s website at www.sec.gov.
Advisors
Credit Suisse, Goldman Sachs and Morgan Stanley & Co. LLC are acting as financial advisors to GBT. Skadden, Arps, Slate, Meagher & Flom LLP and Steptoe & Johnson LLP are acting as legal advisors to GBT.
Evercore is acting as financial and capital markets advisor to APSG. Houlihan Lokey also served as a financial advisor to APSG. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to APSG.
Morgan Stanley & Co. LLC, Apollo Global Securities, Credit Suisse and Evercore acted as placement agents to APSG for the PIPE Investment. Kirkland & Ellis LLP acted as legal counsel to the placement agents.
About American Express Global Business Travel
American Express Global Business Travel (GBT) is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals in more than 140 countries, our customers and travelers enjoy the powerful backing of American Express Global Business Travel.
Visit amexglobalbusinesstravel.com for more information about GBT.
About Apollo Strategic Growth Capital
Apollo Strategic Growth Capital is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including market size and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “predicts,” “projects,” “should,” “could,” “would,” “may,” “will,” “continue,” “forecast” or other similar expressions. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of GBT and APSG as of the date of this press release, and may include, without limitation, changes in general economic conditions as a result of COVID-19, all of which are accordingly subject to change. Any such estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results.
The forward-looking statements contained in this press release are subject to a number of factors, risks and uncertainties, some of which are not currently known to GBT or APSG. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of APSG’s Annual Report on Form 10-K/A filed with the SEC on November 29, 2021 (the “annual report”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from expected results contained in the forward-looking statements.
Most of these factors are outside APSG’s and GBT’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against APSG or GBT following the announcement of the transaction; (2) the inability to complete the business combination, including due to the inability to concurrently close the business combination and the PIPE or due to failure to obtain approval of the shareholders of APSG; (3) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete the business combination; (4) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; (5) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (6) costs related to the business combination; (7) changes in the applicable laws or regulations; (8) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (9) the impact of the global COVID-19 pandemic; and (10) other risks and uncertainties described in APSG’s Annual Report. APSG and GBT caution that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither APSG nor GBT undertakes or accepts any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
No Offer or Solicitation
This press release is for informational purposes only and does not constitute an offer to sell or purchase, or a solicitation of an offer to sell, buy or subscribe for, any securities in any jurisdiction, or a solicitation of any proxy, vote, consent or approval relating to the business combination or otherwise in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdictions.
Additional Information and Where to Find It
In connection with the proposed business combination, APSG intends to file a registration statement on Form S-4 with the SEC containing a preliminary prospectus and a preliminary proxy statement, and after the registration statement is declared effective, APSG will mail a definitive proxy statement/prospectus relating to the proposed business combination to its shareholders. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. APSG’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important information about GBT, APSG and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to shareholders of APSG as of a record date to be established for voting on the proposed business combination. Such shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Apollo Strategic Growth Capital, 9 West 57th Street, 43rd Floor, New York, NY 10019, Attention: James Crossen (212) 515-3200.
Participants in the Solicitation
APSG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of APSG with respect to the business combination. Information regarding APSG’s directors and executive officers is contained in APSG’s Annual Report on Form 10-K/A for the year ended December 31, 2020, which was filed with the SEC on November 29, 2021. Additional information regarding such participants will be contained in the proxy statement/prospectus relating to the proposed business combination and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
GBT and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from APSG’s shareholders in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the proxy statement/prospectus relating to the proposed business combination when available.
The Croatian Vacationer Board is at the moment presenting the Croatian tourist offer at the World Journey Industry (WTM), one of the world’s largest tourism fairs, which is staying held this 12 months in its hybrid version, i.e. live from November 1 to 3 in …
The Journey & Tourism sector’s continued sluggish restoration will see its year-on-year contribution to world-wide GDP increase by considerably less than a person 3rd in 2021, according to new exploration from the Globe Vacation & Tourism Council (WTTC). WTTC, which represents the world-wide Journey & …
As the earth reopens to journey, there are phone calls to assure that tourism field employees strike hardest by pandemic limits are not left guiding in the hurry to restart our holidays.
These days is Planet Tourism Day, and this calendar year the UN Entire world Tourism Organisation (UNWTO) has place the concentrate firmly on endeavours to rebuild a much more equitable journey sector less than the topic of Tourism for Inclusive Progress.
In accordance to UN statistics, an additional 32 million people today ended up pushed into excessive poverty final calendar year, with ladies hit most difficult, partly for the reason that they are much more probable to function in pandemic-impacted work opportunities this sort of as tourism.
While travel firms and locations are eager to welcome again holidaymakers, clients more and more want to know that their journey expend will have a favourable influence in the communities they are traveling to. Reassuringly, it is receiving less complicated to locate and e book holiday seasons that do so.
Partnering with neighborhood guides and hosts, booking system Substantially Better Adventures is putting money immediately in the pockets of host communities. Working exclusively with domestically owned, impartial organizations, means an common of 80 per cent of traveller expend goes instantly into the regional economy. In accordance to the UN, that number can be as lower as 5 per cent for mass tourism. In addition, 5 per cent of profits is instantly donated to charity jobs all over the world, not too long ago channelled in the direction of supporting guides, hosts, porters and households strike by the Covid shutdown. Seven nights’ 50 percent-board Hike and Wild Swim Crete’s Hidden Coves from £920pp excluding flights, muchbetteradventures.com.
Each holiday break detailed on the Dependable Journey web-site characteristics a “responsible travel” tab with an in-depth critique of just about every holiday’s local community credentials (covering local cultures and economies) as properly as the environmental effect of a vacation. Although Accountable Travel admits that its system is not a “perfect science” the agency is much more clear than most with how it screens its vacations. An eight-working day Cyprus self-guided biking holiday getaway is £650pp excluding flights, responsibletravel.com.
In 2018 Intrepid Group turned the biggest travel business to attain B Company position. The kitemark, considerably like FairTrade is to meals, recognises moral businesses which “combine income and purpose”. The company’s policy claims to maximise the advantages generated by tourism for local economies and communities. Steps to accomplish this incorporate utilizing primarily area staff members and leaders, building excursions to attribute neighborhood suppliers and guaranteeing truthful employment tactics for suppliers and personnel. A 15-working day Delhi to Kathmandu excursion is £1,320pp such as a Madi Valley homestay which Intrepid associates with WWF to supply. It offers sustainable incomes and encourages area communities to conserve the wildlife in Nepal’s Chitwan Countrywide Park. Nepal stays on the United kingdom government’s crimson list. intrepid.com.
In 2018 G Adventures commenced scoring its smaller team experience trips based on the percentage of area companies and services that are utilised to create each individual tour. These “Ripple Score” ratings help holidaymakers pick excursions that most reward neighborhood communities, while supplying G Adventures an accountable incentive to improve tours with decreased scores. A seven-working day, half-board The Inca Path tour with a Ripple Rating of 99 is £620pp excluding flights. Peru stays on the United kingdom Government’s red listing. gadventures.com.
From a sustainable fashion tour of Mallorca to Amsterdam from the viewpoint of a tough sleeper, Authenticity’s tours purpose to link readers with area entrepreneurs who supply an sincere insight into their house town. The tour business patterns and hosts activities that “leave a constructive influence in the town you take a look at:. From Berlin to Bali, tours can be filtered by the kind of effects they’ll have, from “freedom and equality” to “employability” and “health”. A sustainable trend tour of Palma is £39pp, authenticitys.com.
Charming Villages aids holidaymakers obtain authentic cultural ordeals in underneath-the-radar villages throughout Europe. Co-funded by the EU, the initiative aims to increase the competitiveness of earlier not known rural destinations. Activities, which array from totally free, historic audio tours to 3-working day kayak adventures, provide itineraries full of custom, gastronomy, culture, normal heritage and regional encounters. A few nights’ 50 percent board in the toy-producing village of Seiffen in Germany including excursions expenses £150pp, charmingvillages.eu
The villagers of Llanarmon yn Iâl, Flintshire were being pioneers of neighborhood-owned and run pubs. The picturesque Raven Inn in North Wales has been a community operate as an inn with rooms considering the fact that 2009. It is partly staffed by volunteers and a village committee oversees and coordinates exercise, with income set again into group initiatives. The bar and cafe serves authentic ales and domestically sourced food stuff. The 3 doggy-welcoming rooms with kitchenettes are the ideal foundation from which to hike close by Clywdian Range. Doubles from £80, raveninn.co.uk.
An award-winning surf and yoga camp on the Pacific Coastline of Costa Rica on the edge of the Marino Ballena Whale Maritime Countrywide Park, Bodhi Surf + Yoga was named “Best For The World” for remaining in the leading 10 for each cent of the Group category of all Certified B Corps rated providers. The camp gives again to the community group with surf and yoga Saturdays to the donation of deals to NGOs and non-profits.
Seven nights’ B&B £1,167pp together with all classes, transfers and extras. Costa Rica stays on the British isles government’s crimson record. bodhisurfyoga.com.
Specialising in responsibly-run adventures in Cusco and the Sacred Valley together with Machu Pichu, Amazonas Explorer is a further Certified B Corp which ranks really for its therapy of employees and fair spend. The organization invests in neighborhood guideline education and its staff consists of Efrain Valles, Wanderlust World Guide of the Yr 2014. All over the pandemic it has offered food stuff offers to the families of its 92 porters, cooks and muleteers and has supported guides to retrain with little organization grants. Vacations range from lodge based Inca Trail climbing to mountain biking and rafting expeditions. A five-working day Machu Picchu Categorical tour is £967pp. Peru is on the British isles government’s purple list. amazonas-explorer.com
The only regionally owned and run lodge in Kenya’s Maasai Mara National Reserve, Tangulia Mara is an personal camp of eight tents on the shores of the Mara River accommodating up to 18 at whole capability. Maasai organization administrators, Jackson Looseyia and Dominic Nchoe, were both equally born and lifted in the place and their luxury camp providing contains guided on- foot safaris, wildlife drives, cultural visits to Maasai villages and in September the probability to see the excellent Maasai Mara-Serengeti wildebeest migration. Doubles from US$1,180 full board, tanguliamara.com