What Do AMEX and a Sovereign Wealth Fund Have in Common?

Certares LP, Macquarie Capital, funds managed by Blackrock Inc and the Qatar Investment Authority (Qatar Holding LLC) are committing US$ 900 million to a business travel joint venture being spun off by New York-based American Express. The Qatar-based sovereign wealth fund will have a larger stake in the joint venture than the other investors. American Express is selling 50% of its business travel division.

The business travel division faces tough competition from online travel management companies such as Expedia and Priceline.

American Express is in a challenging environment with tighter business travel budgets globally and wants to use the cash toward higher growth areas. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]



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