The European Commission Friday approved under the EU Merger Regulation the acquisition of joint control over GBT III B.V. by American Express Company of the US and Qatar Holding of Qatar. GBT III is currently solely controlled by American Express. American Express is a global services company, mainly active in credit card products and travel-related services worldwide. Qatar Holding is a global investment holding company founded by the Qatar Investment Authority. GBT III will become the holding company of American Express’ global business travel unit. The Commission concluded that the proposed acquisition would not raise competition concerns because there are no overlaps between the parties’ activities in the business travel agency services market. Moreover, American Express, Qatar Holding, and GBT III have no incentive to shut out competitors or customers because of their limited presence in their respective businesses. The transaction was examined under the normal merger review procedure.
Source : KUNA Kuwait News agency