American Express Global Business Travel (GBT) will acquire
London-based event-management agency Banks Sadler for an undisclosed price.
The acquisition is expected to be completed in the third
quarter of 2017. GBT did not disclose the terms of the deal.
Once the acquisition is complete, Banks Sadler will operate
as part of American Express Meetings & Events.
Banks Sadler, founded in 1982, has approximately 250 employees
and offices in London; York and Windsor, U.K.; Paris; Dusseldorf, Germany; and
New York. Issa Jouaneh, senior vice president and general manager of American
Express Meetings & Events, called Banks Sadler "one of the most
respected M&E brands."
Leigh Jagger, CEO of Banks Sadler, said his company's
customers will not notice changes, but the business will be supported by GBT's
supplier relationships and scale.
Steven Curts, GBT's chief strategy officer, said the
acquisition is "another important step on our strategic journey."
"In transient business travel and meetings and events,
our focus is always on improving customer experience, product offering and
global footprint through strategic acquisitions, partnerships and organic
growth," Curts said.