Carlyle, GIC Back Away From Planned Amex Travel Deal, DJ Says

(Bloomberg) -- Carlyle Group Inc. and Singapore sovereign-wealth fund GIC Pte. are backing away from a deal to take a stake in American Express Global Business Travel, Dow Jones reported on Saturday.

The investors were planning to buy a 20% stake in the American Express Co. unit in a deal valuing the business at $5 billion, including debt, the report said, citing unidentified people familiar with the matter. Representatives for Carlyle and GIC informed AmEx Global Business Travel on Wednesday that they wouldn’t participate in the closing, which was scheduled for the following day, Dow Jones said.

An entity acting on behalf of the sellers filed a motion in the Delaware Chancery Court, calling for it to compel the duo to proceed with the purchase, according to the report.

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