Home / Business / Qatar Holding Enters Agreement to Create Business Travel Joint Venture

Qatar Holding Enters Agreement to Create Business Travel Joint Venture

NEW YORK DOHA, Qatar, Mar 17, 2014 (BUSINESS WIRE) –
Qatar Holding LLC (QH), a wholly-owned auxiliary of Qatar Investment
Authority, announces now that it has entered into an agreement to
emanate a corner try for American Express’ Global Business Travel
multiplication (GBT), together with American Express and other co-investors.
Under a agreement, American Express will share tenure of a joint
try with an financier organisation led by Certares. In a proposed
transaction, American Express will apart a GBT operations into a
dedicated holding structure, that will embody certain resources and
liabilities that now contain GBT, and will have a 50% ownership
interest in a corner try following a closing. In sell for an
investment of $900 million in a corner venture, a financier organisation will
reason a remaining 50%. American Express had primarily announced its
goal to pursue this corner try transaction in Sep 2013.

The Certares-formed organisation includes Qatar Investment Authority through
a unconditionally owned subsidiary, Qatar Holding LLC, supports managed by
BlackRock, Certares itself and Macquarie Capital. The business will
continue to work underneath a “American Express Global Business Travel”
code following a closing. American Express expects to execute
extensive blurb agreements with a corner try to provide
undeviating use and tighten coordination for a advantage of mutual
business of GBT and American Express’ other business units, such as
Global Corporate Payments, that issues a American Express Corporate
Card and provides business-to-business remuneration solutions.

Bill Glenn, before President of Global Commercial Services during American
Express, will be President and Chief Executive Officer of a joint
venture. Certares owner Greg O’Hara will offer as Chairman of the
corner venture.

“The corner try reflects a continued joining to a travel
business by a new structure with an superb organisation of investors
and a resources to grow a business and yield additional value to
a corporate customers,” pronounced Kenneth I. Chenault, Chairman and Chief
Executive Officer of American Express. “Bill Glenn is an accomplished
personality with trust using vital business units during his
eminent career during American Express. He has built clever customer
relations around a corporate zone and his trust makes
him a superb choice to lead a mutation of a business that will
be focused on capitalizing on new expansion opportunities.”

H.E. Ahmad Al-Sayed, Chief Executive Officer of Qatar Investment
Authority said: “We are gratified to have concluded terms and established
this corner try with Mr. Chenault and his government organisation who we
courtesy as one of a many creditable and able in any industry.
American Express Global Business Travel is a truly tellurian operation with
transparent advantages for a investment portfolio, opposite mixed regions and
sectors. We acquire a new partners and demeanour brazen to a prolonged and
successful relationship.”

The corner try will build on GBT’s record innovations to
support digital and reward servicing capabilities, mobile applications,
softened stating collection and channel government solutions, as good as
a patron use imagination for that American Express is renowned.
In further to transport services, GBT provides meetings events
government and consulting services to some of a world’s most
famous companies.

Mr. Glenn added: “To a knowledge, this would be a largest single
investment done in a transport government company. We trust it will
accelerate a expansion by appropriation suggestive advances in technology,
analytics and use value that will advantage suppliers, partners
and a tellurian patron base. We comment for some-more corporate transport sales
than any other TMC, and these initiatives will put us in a better
position to assistance transport buyers conduct transport spend and support their
travellers.” The shutting of a corner try transaction is theme to
a receipt of claim regulatory approvals and a compensation of
other prevalent shutting conditions. Assuming these conditions are met,
American Express would devise to tighten a transaction in a second
entertain of 2014. American Express would design to use a substantial
apportionment of any benefit famous on a shutting of a transaction to
deposit in expansion initiatives.

GBT has over 14,000 employees and operations and network partners in 139
countries worldwide. It offers a extensive network, service
dependability, and low discernment to business representing some-more than $19
billion in corporate transport spend.

American Express’ consumer transport business, that provides Card Members
and other consumers with transport advantages and services, is not partial of
a transaction.

UBS and Lazard are financial advisors and Cleary Gottlieb Steen
Hamilton LLP is authorised confidant to American Express on this transaction.

Credit Suisse is financial confidant and Dechert LLP is authorised confidant to
a Certares financier organisation on this transaction. Legal advisors on this
transaction are Linklaters LLP to Qatar Holding LLC, Ropes Gray to
BlackRock (on interest of managed funds) and Willkie Farr and Gallagher
LLP to Macquarie Capital.







RLM Finsbury London +44 (0) 20 7251 3801 (James Bradley, David
Henderson, Andrew Hughes)

RLM Finsbury New York +1 646 805 2029 (Paul Holmes)



Qatar Holding, a wholly-owned auxiliary of Qatar Investment Authority,
is a tellurian investment establishment and a elite partner of choice for
investors, financiers and other stakeholders.

It is envisaged that a already poignant investment portfolio of
Qatar Holding will continue to grow. Key investments of Qatar Holding
embody Agricultural Bank of China, Barclays plc, Canary Wharf Group
(via Songbird Estates), Credit Suisse Group, Harrods Group, Heathrow
Airport Holdings Ltd, Iberdrola SA, Katara Hospitality, London Stock
Exchange Group, Ooredoo, Qatar Exchange, Qatar National Bank, Santander
Brasil and Volkswagen AG.

SOURCE: Qatar Holding LLC

Website: www.qatarholding.qa
Finsbury LondonJames Bradley, David Henderson, Andrew Hughes+44
(0) 20 7251 3801orRLM Finsbury New YorkPaul Holmes+1

Copyright Business Wire 2014

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