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Carlyle, Certares Settle Suits Over Failed AmEx Travel Deal

  • Funds reached confidential accord over nixed stock acquisition
  • Deal fell apart amid pandemic that slammed travel industry
Carlyle Said To Seek IPO Value Of Up To $8 Billion With Discount

Photographer: Andrew Harrer/Bloomberg

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Carlyle Group Inc. and a unit of Certares Management LLC have settled dueling lawsuits over a failed deal in which Carlyle reneged on buying a 20% stake in American Express Global Business Travel in the wake of the Covid-19 outbreak.

Carlyle, one of the world’s largest private equity firms, and Certares, which invests in the travel industry, notified Delaware Chancery Court Judge Joseph Slights III in a Feb. 8 filing that they were dropping their suits and covering their own legal costs.

The funds and their affiliates have reached a “confidential settlement agreement amicably resolving all outstanding litigation arising from the transactions contemplated” in the December 2019 deal, according to a statement issued by Brittany Berliner, a spokeswoman for Carlyle, and Alex Stockham, a spokesman for Certares’ Juweel unit, through which the shares were to have been sold to the Carlyle-led group.