GBT to acquire a 65% stake in Kanoo Travel.

American Express Global Business Travel, a travel agency, agreed to acquire a 65% stake in Kanoo Travel, a provider of travel services. Financial terms were not disclosed. The transaction is subject to receipt of regulatory approvals and customary conditions and is expected to close in Q4 2019 or early Q1 2020. GBT will form a joint venture with parent company YBA Kanoo Group to provide managed travel and events services to clients in the Middle East. “Kanoo Travel has been a trusted, long-term partner for GBT in the region for many years and is known and respected by many of our clients. The creation of the joint venture will enhance how we service those clients and their travelers by combining Kanoo’s region-specific expertise with the backing of GBT’s global scale and technology,” Elyes Mrad, GBT’s Managing Director.