General Catalyst’s Long Lake to Buy Amex GBT for $6.3 Billion

A startup backed by General Catalyst Partnersagreed to acquire Global Business Travel Group Inc., the travel platform spun out of American Express Co., in a deal worth about $6.3 billion.

Long Lake Management agreed to pay $9.50 per share in cash for the Amex-backed business-travel company, according to a statement Monday, confirming a Bloomberg News report. That represents a 60% premium to its closing price on Friday.

“This agreement delivers a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium,” Amex GBT Chief Executive Officer Paul Abbott said in a ...