AmEx will spin off business travel unit in $900M deal

American Express (AXP) says it is spinning off 50% of its business travel unit in a $900M deal, creating a joint venture with an investor group that was formed by Certares International Bank and includes Qatar’s sovereign wealth fund.

The new unit will continue using the AmEx brand and will be led by Bill Glenn, the company’s president of global commercial services; Certares founder Greg O’Hara, a former chief investment officer of J.P. Morgan’s special investments group, will serve as chairman of the joint venture.

The consumer travel business isn’t part of the deal.

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