Deals
AmEx in Talks to Spin Off Half of Business-Travel Unit
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American Express Co. is in talks to spin off half of its business-travel unit in a joint venture with Certares International Bank LLC, resulting in a one-time gain for the credit-card lender.
An investor group led by Certares would inject $700 million to $1 billion in return for a 50 percent stake, New York-based AmEx said today in a statement. The deal could be completed in the second quarter of 2014.