Long Lake Management

According to Skift, Long Lake Management, backed by General Catalyst, has agreed to acquire Amex GBT in a $6.3 billion cash deal to take the company private. The acquirer plans to rebuild legacy services around its Nexus AI platform, with claimed improvements in integration time and revenue growth at acquired companies, and the move described as a growth bet rather than a cost cut. Kenneth Chenault, lead director at Airbnb and chair of Bilt, commented on bidders’ concerns about AI and noted Amex Platinum’s live events strategy and its impact on new cardmember demographics.