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    Ramp-up and transformation of SAS continues

    SAS continues the ramp-up and has during the quarter seen the highest number of passengers since the pandemic started. Meanwhile, the work with the necessary transformation plan, SAS FORWARD, continues.
    The plan was presented when the Q1 results were released on February 22 and is designed to secure long-term competitiveness. It will allow SAS to effectuate a deleveraging of its balance sheet while substantially improving its liquidity position. In addition to reducing the cost structure and improve efficiencies, SAS is seeking to convert approximately SEK 20 billion of debt and hybrid notes into common equity and will also seek to raise not less than SEK 9.5 billion in new equity capital. The success of the plan depends upon SAS attracting potential new capital from the capital markets and other sources and upon SAS fully achieving the targeted SEK 7.5 billion annual cost reduction by fiscal year 2026.
    Earnings before tax ended at negative SEK 1.6 billion for the quarter and the cash balance at the end of the quarter was SEK 8.5 billion.
    FEBRUARY 2022–APRIL 2022Revenue: MSEK 7,048 (1,932)
    Income before tax (EBT): MSEK -1,557 (-2,331)
    Income before tax and items affecting comparability: MSEK -1,613 (-2,331)
    Net income for the period: MSEK -1,520 (-2,410)
    Earnings per common share: SEK -0.21 (-0.35)
    SIGNIFICANT EVENTS DURING THE QUARTERADVERTISEMENTAS presented a comprehensive transformation plan: SAS FORWARD. A successful implementation of the plan will secure long-term competitiveness and improved financial strength
    The SEK 3,000 million credit facility secured with the main owners in 2021 was drawn
    Erno Hildén was appointed as Executive Vice President and CFO
    SIGNIFICANT EVENTS AFTER THE QUARTERThe aftermath of the COVID-19 pandemic has led to most of the airline industry experiencing difficulty in rebuilding operations. This has led to SAS reducing its summer program by 4,000 of a total of 75,000 flights
    NOVEMBER 2021–APRIL 2022Revenue: MSEK 12,593 (4,214)
    Income before tax (EBT): MSEK -4,154 (-4,246)
    Income before tax and items affecting comparability: MSEK -4,234 (-4,258)
    Net income for the period: MSEK -3,962 (-4,443)
    Earnings per common share: SEK -0.55 (-0.63)
    QUARTERLY RESULTS ARE IMPROVED AS A RESULT OF RAMP-UPLooking back at the second quarter, we can see that demand improved as travel restrictions were eased. Passengers flying with SAS increased 28% compared to the previous quarter and the flown load factor reached approximately 67%, up 11 percentage points compared with the earlier quarter. Our capacity was increased by 3% compared to the first quarter. The transformation of SAS has to continue to adapt to the new market conditions in order to be able to remain flexible, competitive and financially strong for the long-term future. Earnings before tax ended at negative SEK 1.6 billion, an improvement of SEK 1.0 billion compared with last quarter, or a SEK 0.7 billion improvement year-on-year. Ticket sales continue to increase ahead of the summer period and SAS is targeting 80% capacity deployment compared to summer 2019.
    Cost reductions across all of SAS remain in focus to secure our cost competitiveness. Total operating expenses during the quarter ended at SEK 7.8 billion and total operating revenue landed at SEK 7.0 billion for the quarter. Total revenue increased 27% compared with the first quarter, an improvement of approximately SEK 5.1 billion compared with last year, but still 31% below the second quarter in 2019, which was unaffected by COVID-19.
    The cash balance at the end of the quarter was SEK 8.5 billion. At end of the first quarter of FY2022 the cash balance was SEK 3.4 billion. Operational cash flow during the quarter amounted to SEK 2.5 billion, compared with SEK -1.4 billion for the same period last year.
    UPDATE ON SAS PROGRESS ON TRANSFORMATION PLANDespite this positive development, SAS continues to face substantial structural cost challenges while also facing growing competition with substantially lower cost structures than SAS. SAS also incurred substantial additional debt during the pandemic that added to its pre-COVID highly leveraged balance sheet. In addition, recent macroeconomic changes (including fuel and exchange rates) and geopolitical events are limiting operations and create additional costs. Given these factors, the SAS Board has concluded that a substantial restructuring is needed to enable SAS to become profitable by implementing SAS FORWARD.
    Key Elements of SAS FORWARDReducing the annual costs by SEK 7.5 billion
    Redesigned fleet, network and product offerings
    Digital transformation
    Positioning SAS as the leader in sustainable aviation
    Operating platform acceleration
    Strengthening SAS’ balance sheet by deleveraging and raising new capital
    Debt-to-equity conversion and equity raise
    SAS is seeking to convert approximately SEK 20 billion of existing debt and hybrid notes into common equity, of which a majority is on-balance sheet debt and hybrid instruments (state hybrid notes, commercial hybrid notes, lease liabilities, Swiss bonds and term loans from states and commercial banks) and some relates to maintenance contract obligations and other executory contract obligations. The contemplated conversions are designed to strengthen the balance sheet and significantly reduce the debt-burden being carried in order to relieve SAS from elevated financial costs that currently weigh on profitability, and to position SAS for future growth.
    In addition to debt conversions, SAS is looking for alternatives to raise new equity. SAS will seek to raise not less than SEK 9.5 billion in equity capital. The planned SEK 9.5 billion or more equity raise is expected to provide sufficient liquidity to fund operations through the full implementation of SAS FORWARD and the recovery in passenger demand post COVID-19. It is currently expected that a significant share of such new equity will likely be sought from new investors.
    The new equity capital and debt-to-equity conversions contemplated as part of SAS FORWARD will entail substantial dilution to existing shareholders.
    Labor discussionsSAS continues to pursue negotiations with all of its organized labor groups as a means of achieving a consensual outcome with respect to labor’s share of the burden sharing program. Notably, the requested labor concessions are an important element of SAS achieving a competitive and sustainable business model, but in aggregate represent less than 20% of the targeted annual cost improvements. An agreement with organized labor groups is a condition of SAS FORWARD and it will not be possible to raise new capital or secure the future of the airline without labor burden sharing.
    Update on discussions with stakeholdersDiscussions are currently ongoing regarding stakeholders’ participation and acceptance of burden sharing. Given the limited progress made so far, there can be no guarantees that SAS FORWARD will be successfully completed. In the event that the expected burden sharing, debt conversions, and new capital raise are not completed as planned, SAS will not be able to support its existing capital structure and current liquidity levels and it cannot be ruled out that SAS could become unable to meet its obligations over the longer term as they fall due.
    Implementation processesSAS FORWARD involves complex multiparty negotiations. As is usual in a restructuring process, it is possible that SAS may seek to utilize one or more court restructuring proceedings designed to assist in the resolution of SAS’s financial difficulties and help implement parts of SAS FORWARD.
    Finally, it should be noted that the completion of the cost reduction programs, the debt-to-equity conversions, the fleet restructuring and the significant equity capital raise are subject to uncertainty and there can be no guarantee of success in such efforts by SAS. Further, the transactions envisaged are subject to various conditions including EU Commission and other state aid approvals and other regulatory clearances and various stakeholder approvals, which have not yet been obtained.
    POSITIVE MARKET DEVELOPMENT TOWARD THE SUMMER SEASONSAS continues the ramp-up and has during the quarter had the highest number of passengers since the pandemic started. We have recently experienced positive market development and strong ticket sales ahead of the important summer season. SAS and Apollo (a provider of charter travel services to and from the Nordic market) also signed an agreement during the quarter, concerning summer charter flights, within the framework of their three-year collaboration. Flights will depart from around 20 locations in Sweden, Norway and Denmark and fly to around 30 Mediterranean destinations.
    The SAS traffic program and capacity are increased according to customer demand, but there are constraints to the growth of traffic, as effects of the pandemic linger on. The whole airline ecosystem has difficulties ramping up, which also has an implication on SAS. We foresee challenges during summer relating to everything from airports and ground staffing to crew training bottlenecks such as availability of training instructors, and we also see continued delayed aircraft deliveries. In order to minimize the risk of disruption and create more stability for the upcoming summer travels, SAS has made adjustments to the traffic program during June to August, after the quarter ended.
    SAS aims to be a global leader in sustainable aviation and during the quarter we launched the Travel Pass Biofuel, a punch card for corporate customers who regularly travel to the same destination and want to include biofuel to reduce the climate impact of their trips.
    SAS Scandinavian Airlines is nominated as Europe’s Leading Airline 2022 by World Travel Awards.

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    TAT launches “Laughing Island Conqueror vs Low-carbon Footprint Traveller” activity

    Ko ‘Kai-Hua-Ro’ (Laughing Island)
    The Tourism Authority of Thailand (TAT) has launched the “Laughing Island Conqueror vs Low-carbon Footprint Traveller” initiative in the eastern province of Trat, offering a fun way for tourists to help protect nature and the environment as they explore this beautiful part of Thailand.
    Mr. Yuthasak Supasorn, TAT Governor, said “This exciting new initiative is focused on creating awareness and understanding among tourists of the ‘carbon footprint’ from their daily activities and travels. It encourages them to partake in responsible tourism, a key element of the “Visit Thailand Year 2022: Amazing New Chapters” campaign.”
    The “Laughing Island Conqueror vs Low-carbon Footprint Traveller” initiative invites tourists to visit a unique routing in Trat covering Ko Mak (low-carbon destination) – Ko Kradat (Safari Island) – Ko ‘Kai-Hua-Ro’ (Laughing Island) from May to July 2022.
    During their trip, tourists will be encouraged to use a CF Calculator application – created and developed by the Thailand Greenhouse Gas Management Organisation – to record their travel pattern, distance, tourism activities, and daily consumption of food.  The application will then calculate their personal greenhouse gas emissions in an annual term.
    With their personal greenhouse gas emissions in mind, the initiative is expected to encourage tourists to seek ways to reduce their personal carbon footprint. For example, tourists can choose to walk to the ‘Laughing Island’ instead of taking a small boat. They can also choose to eat food that is based on organic products and uses no chemicals in the production process. Or they can choose to eat food that uses locally produced ingredients, and in the process help reduce greenhouse gasses from the otherwise transportation and importation of ingredients.ADVERTISEMENTBy being mindful for their carbon footprint, tourists can play a part in helping reduce waste and activities that can contribute to the greenhouse effect, PM2.5 dust, and climate change, all of which have an impact on natural resources and the health and wellbeing of people. This can be done both while on their holiday in Trat and to continue this approach when they return home.
    All tourists who take part in the “Laughing Island Conqueror VS Low-carbon Footprint Traveller” initiative will receive a certificate from TAT, specially designed by a cartoonist from ‘Kai-Hua-Ror’, a long-established cartoon magazine in Thailand known for its cartoon characters and laugh gags.
    The certificate will show they have conquered the “Laughing Island” and visited Ko Mak, a pilot low-carbon destination that draw on the practices of the Bioeconomy, Circular Economy, and Green Economy ideals, or the BCG model. And, that they understand the carbon footprint and are responsible tourists.
    To receive a certificate, tourists can send a photo of themselves taken on “Laughing Island” together with their CF Calculator result to the TAT Trat Office or via www.fb.com/tattratoffice by 31 July, 2022.
    Thailand is considered Asia’s Leading Cultural Destination 2021 by World Travel Awards.

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    Jules Verne launches brand-new travel podcast

    Jules Verne is celebrating the Queen’s Platinum Jubilee with the launch of a brand-new travel podcast series, Passepartout, People & Places, the first episode of which highlights the Queen’s Platinum Jubilee and also Jules Verne’s royal connections.
    The specialist tour operator, Jules Verne, has been renowned for its adventurous holiday ideas since it was founded, 44 years ago (in 1978), by global pioneer Philip Morrell.  He is widely acknowledged as having changed the way we travel. On the Passepartout, People & Places podcasts, the Jules Verne team will discover past adventures, delve into current travel stories and reveal future journeys – ultimately, the podcast aims to inspire the listener to discover the wonders of the world anew.
    On the first episode, podcast host Abbey Renshaw talks to Jules Verne’s recently-appointed General Manager, Debbie O’Neill, about Philip Morrell, who really made his mark in 1979, when he launched holidays to China – a previously untapped destination – from the UK.  This was at a time when the Bamboo Curtain was still in place. Morrell’s first adventure trip, a 42-day escorted rail journey from London to Peking (now Beijing), and on to Hong Kong, sold out and was a resounding success, paving the way for many more adventures to follow.
    More recently, The Queen and The Duke of Edinburgh witnessed the Diamond Jubilee flotilla as it made its way along the River Thames from on board Morrell’s luxury barge, The Spirit of Chartwell, which he loaned to the Pageant organisers for the Royal family’s use, on 3 June, 2012.
    Continuing its royal links to this day, Jules Verne has secured the former Royal barge for a select number of departure dates in its new home, the Douro River in Portugal, where a group of travellers will be celebrating the Platinum Jubilee in style this week on the tour operator’s Royal Barge on the Douro cruise.ADVERTISEMENTThe Royal Barge on the Douro cruise has four departure dates remaining this year and six more departures scheduled between May and September 2023. Due to popular demand, Jules Verne has also released an additional departure date for the Royal Barge on the Douro cruise later this summer. Departing from Porto, guests will cruise deep into the verdant hillside landscapes of Portugal, discovering wine estates, sun-drenched vineyards, idyllic villages, Baroque castles and medieval hilltop ruins.
    The brand-new podcast is inspired by Jules Verne’s classic 1872 adventure novel, Around the World in Eighty Days. The name, Passepartout, People & Places, was chosen for the podcast as a nod to Phileas Fogg’s French valet, Jean Passepartout (whose surname, appropriately, means ‘goes everywhere’).
    General Manager of Jules Verne, Debbie O’Neill, says: “From that first iconic 7,000-mile rail journey, through to the present day, Jules Verne and its specialist travel team have so many travel stories to tell, share and inspire – stories about the places we’ve visited, the people we’ve met or how these experiences have shaped us.
    “The podcast will unlock the doors to Jules Verne, transporting the listener around the world, evoking a sense of travel like Philip Morrell first did when he founded the company in 1978. We’ll be inviting special guests to share their stories along the way, and we’re really looking forward to watching this new and inspirational adventure unfold.”
    The podcast – Passepartout, People & Places – will be available to download on 31 May, with new episodes released monthly.

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    IATA: Reforms needed to attract / retain ground handling talent More

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    IATA: Reforms needed to attract / retain ground handling talent

    The International Air Transport Association (IATA) called for holistic reforms to manage the long-term need for a stable talent base for the ground handling sector.
    Thousands of ground handling staff left the aviation industry during the pandemic. Now as aviation ramps up, the severe shortage of skilled ground handlers is shedding light on the need for reform to stabilise the talent pool.
    In the immediate term, the most pressing issue is the bottleneck for security clearances as the airline industry prepares for the peak northern summer season. Longer-term, IATA urges the ground handling sector to;
    Adopt a stronger talent acquisition strategy
    Streamline onboarding processes, and
    Develop a more compelling retention proposition
    “The peak northern summer travel season is fast-approaching, and passengers are already experiencing the effects of bottlenecks in getting security clearances for staff at the airport. Additional resources are needed to accelerate the processing times for employment security clearances which can be as much as 6 months in some markets. The shortages we are experiencing today are a symptom of the longer-term challenges to achieve a stable talent base in ground handling,” said Nick Careen, IATA’s Senior Vice President for the Operations, Safety and Security.
    At the IATA Ground Handling Conference, IATA proposed a comprehensive approach to recruitment, onboarding, and retention:ADVERTISEMENTRecruitment
    Attracting fresh talent is critical. This is made more challenging by perceptions created in the pandemic with the critical retrenchment of large numbers of staff, including those in ground handling.
    IATA recommends:
    An awareness campaign to highlight the attractiveness and importance of ground operations in global logistics and transport operations.
    Adoption of 25by25 campaign to help address the gender imbalance across the industry.
    Apprenticeships in partnership with trade schools to revitalise candidate pipelines.
    Career path mapping to demonstrate long-term prospects for people entering the sector.
    More efficient onboarding processesTraining and security clearance for new staff can take more than six months. More efficient and expedited onboarding will allow the sector to adapt quickly to demand changes, including those which are seasonal. IATA recommends:
    A greater focus on competency-based training; moving to more online training and assessments will improve speed, flexibility and efficiency of onboarding.
    Mutual recognition by authorities of security training and employee background records will expedite onboarding and reduce redundant processes.
    Retention programsGreater standardisation will improve performance, provide employment flexibility and broader career options. The IATA white paper recommends:
    Implementation of IATA Ground Operations Manual (IGOM) to standardise ground operations. Along with significant operational benefits and more efficient onboarding, this would provide additional flexibility and opportunities for staff in terms of relocation, reassignment and recruitment.
    Training passports that mutually recognise skills and training across ground handlers, airlines and/or airports.
    Adoption of new technologies and automated processes to create diverse job opportunities and career paths to attract a new generation talent
    “An industry-wide approach to lay the foundations for more efficient talent recruitment, onboarding and retention will pay big benefits in terms of efficiency for all concerned. The cornerstone is the standardisation that can be achieved with the adoption of the IGOM. Its global implementation will have a huge and positive impact in all aspects of ground handling, including talent management. The potential is to shift working in the sector from having a job to developing a career,” said Careen.

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    ABTA: Take part in this year’s Virtual TCS London Marathon

    ABTA LifeLine is looking for 10 volunteers from the travel industry to take part in this year’s Virtual TCS London Marathon on Sunday 2 October.
    Those who sign up via ABTA LifeLine will be guaranteed a place for this year’s event and will also be helping to raise vital funds for travel industry colleagues who are in desperate need of financial, practical, and emotional support.
    Volunteers of all abilities are welcome, whether they plan to walk, run or even skip the 26.2 miles. They are just asked to commit to raising £1,000 for ABTA LifeLine, with every pound going towards tailored support for an individual or family in need – whether that’s paying for a weekly food shop, covering unexpected funeral costs or providing vital mental health support.
    Fundraising is easily done through Lifeline’s JustGiving page and there is lots of help and advice on the charity’s website to help support fundraising efforts.
    Participants in the virtual marathon, which takes place on the same day as the main event in London, will still earn the coveted finisher’s medal and souvenir t-shirt, but can complete the race anytime on Sunday 2 October and from any location on the planet, as long as they’re outdoors.ADVERTISEMENTThey also don’t need to compete alone – if one person signs up, their work colleagues, friends and family are welcome to support them on the day. Last year Avis Budget Group’s International Travel and Partnerships Team collectively walked the marathon around Windsor Great Park and raised an impressive £2,000 for ABTA LifeLine.
    ABTA LifeLine Director, Trudie Clements, said:
    “If you’ve ever wondered about taking part in the London Marathon this is a great way to be part of this amazing event. It really doesn’t matter if you plan to walk, skip or wear a daft costume getting to the finish line, the most important thing is taking part and lending your support to a brilliant cause.”
    Volunteers will be encouraged to share updates on their training and photos on the day on social media using the #RunForABTALifeline hashtag.
    To find out more and sign up, visit the ABTA LifeLine website.

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    The Yukon joins UNWTO network of sustainable tourism observatories

    The Yukon Sustainable Tourism Observatory, hosted by the Government of Yukon, will identify, measure and interpret sustainable tourism conditions to guide evidence-based decision making. This will help the Yukon to better deal with post-pandemic recovery and future growing, ensuring the sector is managed in a sustainable and responsible manner.
    UNWTO Secretary-General Zurab Pololikashvili said: “We warmly welcome the Yukon into our growing global network of observatories. The Observatory can help Yukon to better manage its tourism sector, recovering and growing back more sustainably for the benefit of visitors and residents alike.”
    Inclusive future for Yukon tourismThe Yukon is one of Canada’s vast northern territories with a strong and burgeoning tourism industry. The Yukon Tourism Development Strategy “Sustainable Tourism. Our path. Our Future. 2018-2028” called for the establishment of a framework to measure progress on the sustainable tourism development goals in accordance with the vision, goals and actions of the Strategy. Within this context, Yukon pursued the establishment of an observatory on sustainable tourism within the INSTO Framework, with the aim to provide the sector with knowledge on the state of sustainability to make informed decisions and investments.
    Minister of Tourism and Culture of Yukon, Ranj Pillai says: “We are very proud to join this prestigious and important network of Sustainable Tourism Observatories as Canada’s first northern member. The Yukon Sustainable Tourism Framework will drive the shift towards sustainable tourism development in the Yukon by bringing the sector together to better understand the impacts of tourism and guide our decision making for the benefit of all Yukoners.”
    Minister of Environment of Yukon, Nils Clarke, adds: “The Yukon government is honoured to receive this international recognition for the vital and groundbreaking work being done to address climate change in the territory. Together with the Our Clean Future Strategy, Yukon’s Sustainable Tourism Framework commits us to alignment with global best practices and promotes a balance between economic, social and environmental values.”ADVERTISEMENTThe Yukon Sustainable Tourism Observatory is the second Observatory in Canada, after the Thompson Okanagan Sustainable Tourism Observatory and brings the worldwide total to 31.
    About INSTOThe UNWTO International Network of Sustainable Tourism Observatories (INSTO) was created in 2004 with the main objectives to support the continuous improvement of sustainability and resilience in the tourism sector through systematic, timely and regular monitoring of tourism performance and to connect dedicated destinations, helping them to exchange and improve knowledge and understanding about destination-wide resource use and the responsible management of tourism.

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    Rosewood Red Sea set to open in Saudi Arabia

    Rosewood Hotels & Resorts has been appointed by The Red Sea Development Company to manage Rosewood Red Sea, opening as part of phase one of the multi-complex The Red Sea development. Located along Saudi Arabia’s west coast on Shura Island, the new Rosewood® hotel will be part of The Red Sea destination, which is comprised of a stunning marina offering a yacht club, commercial retail and dining options, as well as an 18-hole championship golf course. This new development is poised to be one of Saudi Arabia’s top cultural and lifestyle destinations, appealing to international visitors and local citizens through a mix of leisure elements.
    “It is our great pleasure to announce our expansion in the Middle East, adding Rosewood Red Sea to Saudi Arabia’s burgeoning cultural movement,” said Sonia Cheng, Chief Executive Officer of Rosewood Hotel Group. “Rosewood’s presence in The Red Sea destination will mark a transformational time for the brand as the project looks to set new standards in sustainable development and support Saudi Arabia emerge as a top global tourism destination.”
    “We are delighted to partner with Rosewood to establish its ultra-luxury brand on our hub island, Shura, at The Red Sea destination,” said John Pagano, CEO at The Red Sea Development Company. “Rosewood’s philosophy to reflect the local culture and spirit of a destination in its offering will tempt visitors to explore the rich heritage and unsurpassed natural beauty of this undiscovered, unique region. Rosewood Red Sea is set to meet the increasing demand for exclusive, personalized experiences that dovetail with the natural environment, and we look forward to welcoming guests to the resort.”
    Rosewood Red Sea will boast 149 guest rooms and suites. Elevated food and beverage offerings will include three restaurants, two lounges, a signature Manor Club and a central hub featuring authentic eateries. Additional recreational spaces will include event pavilions and Asaya™, Rosewood’s integrative well-being concept consisting of seven treatment rooms, a gym, two movement studios and a yoga pavilion.
    Encompassing 22 islands and five inland sites by the time it completes in 2030, The Red Sea destination will be home to a luxury and upper-upscale segment composed of mono-island resorts, beach resorts, centralized island-hubs, and inland resorts in the desert and mountains. The destination is located 550 km north of Jeddah. For travellers near and far, the new Red Sea International Airport will provide access and airlift to the destination. It is set to welcome its first flight by the end of 2022.ADVERTISEMENTRosewood Hotels & Resorts was nominated as Middle East’s Leading Lifestyle Hotel Brand 2022 while The Red Sea Development Company was nominated as World’s Leading Tourism Development Project 2021 by World Travel Awards.

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    American Express Global Business Travel becomes publicly traded company

    American Express Global Business Travel has announced that it will begin trading as a public company on the New York Stock Exchange under ticker symbol “GBTG” on May 31, 2022.
    Paul Abbott, Amex GBT’s Chief Executive Officer, said: “Today marks a significant milestone in the business travel industry recovery and for Amex GBT. With strategic initiatives over the last few years, including complementary accretive acquisitions, product and technology enhancements and lasting cost reductions, we have confidence that we are very well positioned to win a larger portion of the $1.4 trillion business travel market. As a publicly traded company, we will have the flexibility to further accelerate our growth strategy.
    “Trading as a public company follows years of work to strengthen our market leadership position. While listing our company is an achievement, it also marks the beginning of a new phase of growth paired with a focus on delivering long-term shareholder value as the world’s largest publicly traded B2B travel platform.”
    Amex GBT has become a publicly traded company following the completion of its previously announced business combination with Apollo Strategic Growth Capital (NYSE: APSG, APSG.U, APSG WS) (“APSG”), which was approved by APSG shareholders on May 25, 2022, and closed on May 27, 2022. Concurrently with the closing of the business combination, the Company received proceeds from cash in trust and PIPE investments, including sizable investments by strategic investors Zoom and Sabre, and new investors Apollo, Ares and HG Vora. These investors join American Express Company, Certares and Expedia Group, which remain invested in the Company. The Class A common stock and warrants of the newly combined company, Global Business Travel Group, Inc., will trade on the NYSE under the new ticker symbols “GBTG” and “GBTG WS”, respectively, beginning on May 31, 2022.

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