Apollo Strategic Growth Capital (NYSE:APSG) announced that its shareholders have voted to approve its combination with American Express Global Business Travel in a special meeting held earlier today.
A total of 52,956,302 Class A ordinary shares and 20,420,250 Class B ordinary shares, representing approximately 71.87% of the outstanding ordinary shares entitled to vote, were present at today’s meeting. The business combination was overwhelmingly approved as it received 70,615,819 votes in favor of the transaction and just 2,732,881 against it.
Redemption numbers have not yet been disclosed. However, APSG traded below its trust value of $10 throughout its redemption deadline Monday, May 23, and closed today at $7.94.
Upon the closing of the business combination, which is expected to occur on Friday, May 27, 2022, APSG will be renamed Global Business Travel Group, Inc. The combined company is expected to trade on the NYSE under the symbol “GBTG”.
The parties initially announced the $4.98 billion combination on December 3, 2021. New Jersey-based Amex GBT provides a marketplace and loyalty platform for companies providing business travel goods and services hosting $39 billion in total transaction value in 2019.
All other proposals on today’s ballot, including the issuance proposal, the equity incentive plan, and the employee stock purchase plan, were also approved at the special meeting.
ADVISORS
- Credit Suisse, Goldman Sachs and Morgan Stanley & Co. LLC are acting as financial advisors to GBT.
- Skadden, Arps, Slate, Meagher & Flom LLP and Steptoe & Johnson LLP are acting as legal advisors to GBT.
- Evercore is acting as financial and capital markets advisor to APSG.
- Houlihan Lokey also served as a financial advisor to APSG.
- Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to APSG.
- Morgan Stanley & Co. LLC, Apollo Global Securities, Credit Suisse and Evercore acted as placement agents to APSG for the PIPE Investment.
- Kirkland & Ellis LLP acted as legal counsel to the placement agents.
Terms Tracker for the Week Ending April 25, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Everybody’s back in the pool. Two more SPACs filed this week while four others priced their IPOs. Additionally five SPACs announced their combinations, breaking the...
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...