American Express Co. (NYSE:AXP): Current price $75.93
On Wednesday, American Express said that it plans to turn its business travel division into a joint venture with an investor group led by Certares. The proposed change follows sizable job cuts at the unit. The company will maintain a 50-percent ownership in the joint venture, which is intended to stay under the American Express Global Business Travel brand. The investor group will spend between $700 million and $1 billion in the venture. American Express’s consumer travel division which offers services to card members will not be part of the proposed agreement. The transaction should close by the second quarter of 2014.