Long Lake Management acquires Amex GBT in a $6.3 billion cash deal
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.
Key facts
- 01Long Lake Management is backed by General Catalyst.
- 02The deal is $6.3 billion in cash to take Amex GBT private.
- 03Nexus AI is the platform referenced for rebuilding the acquired businesses.
- 04Founded in 2023, Long Lake has acquired 30 companies.
- 05Integration time reportedly dropped from six months to three or four weeks by the fifth deal.
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