American Express Global Business Travel (GBT), no. 3 on Travel Weekly's 2020 Power List, has completed the acquisition of Egencia from the Expedia Group.
As part of the deal, Expedia has become a shareholder in GBT and secured a "long-term agreement" to provide accommodation content to GBT.
The deal, first announced in May, cements Amex GBT's position as the world's largest travel management company, but it also brings the small- and midmarket customer into focus for the brand.
According to a statement from GBT, it will accelerate investment in the Egencia brand, people and technology.
Mark Hollyhead, Egencia president, will continue to lead the Egencia business and will report directly to GBT CEO Paul Abbott and join GBT's executive leadership team.
"Bringing GBT and Egencia together will create a winning formula that will define the future of travel," said Abbott. "We will provide unrivaled value, choice and experiences to customers. Unrivaled value because together we'll have the best content and deliver the best savings. Unrivaled choice because no one comes close to the breadth and depth of solutions we will offer. And unrivaled experiences because we have the best people and technology in the industry."
Hollyhead added: "Today is a significant moment in realizing the next important chapter for Egencia. Becoming part of an organization totally focused on business travel will accelerate Egencia's growth and amplify what we do best -- offer technology-driven solutions that address the ever-evolving needs of business travel and its many stakeholders."
Source: Business Travel News