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SPAC Apollo Strategic Growth shareholders approve merger with Amex GBT

May 26, 2022

photo on spac (special purpose acquisition company) theme. wooden cubes with the abbreviation spac, on the background of laptop and succulent. business concept image

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Apollo Strategic Growth Capital (ASPG) shareholders have voted to approve the SPAC’s planned merger with B2B travel platform American Express Global Business Travel through a deal that valued the combined company at approximately $5B.

In a recent SEC filing, ASPG said shareholders had approved the deal but did not disclose the number of redemptions.

The deal is expected to close on May 27, after which shares will trade on NYSE under the symbol GBTG. The combined company will be renamed Global Business Travel Group.

The companies announced plans to merge in December, with the deal pegging the combined company’s pro forma enterprise value at around $5B, assuming no ASPG redemptions.

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