American Express Co said on Monday that four financial investors have committed a total of $900 million to a business travel joint venture, in what would be the largest single investment ever made in a travel management company. The deal highlights some of the challenges facing the world's biggest credit card issuer, as tighter corporate budgets weigh on its business travel division, which helps employees of companies with their travel arrangements.Certares LP, the investment firm founded by former JPMorgan Chase & Co dealmaker and private equity veteran Greg O'Hara, will be joined by Qatar Investment Authority, BlackRock Inc and Macquarie Capital in the joint venture.Qatar Investment Authority will have a bigger stake in the joint venture than the other three investors, according to a person familiar with the matter who was not authorized to publicly disclose this detail. The deal underscores the sovereign wealth fund's new appetite for private equity-type direct investments in U.S.-based companies.American Express said in September it was in talks to sell half of its business travel division for up to $1 billion to an investor group led by Certares. The company's consumer travel business will not be a part of the deal.
BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK traded higher by 1.01% or $3.0/share to $298.71. In the past year, the shares have traded as low as $240.60 and as high as $326.00. On average, 743721 shares of BLK exchange hands on a given day and today's volume is recorded at 741528.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 1.37% or $0.78/share to $57.58. In the past year, the shares have traded as low as $46.05 and as high as $59.82. On average, 18327600 shares of JPM exchange hands on a given day and today's volume is recorded at 13414365.
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