Expedia Recovers $711M from Amex GBT $9.50 Take-Private Deal but Faces $104M Shortfall
Expedia's 74.8 million-share stake in Amex GBT will convert to $711 million cash at $9.50 per share, yielding a $104 million shortfall against its $815 million book value after five years of mark-to-market losses. Its 10-year lodging supply agreement with Amex GBT survives the take-private transaction.
1. Background on Expedia’s Egencia Stake
In November 2021, Expedia exchanged its corporate travel division for a 19% stake in Amex GBT initially valued at $815 million. Subsequent dilution through a SPAC in May 2022 and the CWT acquisition in September 2025 reduced its holding to 14.3%, and Expedia recorded $326 million in cumulative mark-to-market losses by early 2024.
2. Take-Private Transaction Details
Long Lake Management’s $6.3 billion take-private at $9.50 per share values Expedia’s 74.8 million shares at $711 million in cash, resulting in a $104 million shortfall against the original book value. The transaction closes in the second half of the year and triggers a one-time pre-tax gain on Amex’s books, not reflected in prior guidance.
3. Supply Agreement and Future Impact
The 10-year lodging supply agreement ensures Amex GBT’s corporate hotel bookings continue flowing through Expedia’s inventory post-close. This ongoing commercial relationship may generate sustained revenue streams, potentially offsetting the equity position’s underperformance over time.