M&A · Industrials · Transportation Services
Long Lake Management to acquire Global Business Travel Group, Inc.
Announced May 4, 2026 · Closed Sep 29, 2026
Deal value$6.30BEV $5.96B
Premium60.2%To unaffected price
EV / Adj. EBITDA13.2x2.2x EV / Revenue
ConsiderationAll cash$9.50 per share
Transaction
- Acquirer
- Long Lake Management
- Target
- Global Business Travel Group, Inc. (GBTG)
- Buyer type
- Strategic
- Offer price per share
- $9.50
- Enterprise value
- $5.96B
- Status
- Closed Sep 29, 2026
Deal protections
- Break fee (target pays)
- $200M · 3.2%
- Reverse fee (buyer pays)
- $270M · 4.3%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup
- To the target
- Rothschild & Co
- Rothschild & Co fee
- $5.0M
Sector context · Industrials
- Comparable deals
- 97 in the prior 24 months
- Premium
- 60.2% vs. 34.0% sector median
- EV / Adj. EBITDA
- 13.2x vs. 10.7x sector median
- Break fee
- 3.2% vs. 2.7% sector median
Timeline
- AnnouncedMay 4, 2026
- Proxy filedMay 28, 2026
- Definitive proxyJul 6, 2026
- Shareholder voteAug 3, 2026
- ClosedSep 29, 2026
Valuation · fairness opinions
Trading comparables$6.25$9.00
Precedent transactions$6.00$7.50
Discounted cash flow$6.50$10.00
Premiums paid$7.25$9.25
Discounted cash flow$4.97$8.34
Offer $9.50
Implied value per Global Business Travel Group, Inc. share by analysis, from Rothschild & Co.