How AI Became the Reason Not to Buy the World’s Largest Corporate Travel Company

The travel industry puts AI in every investor deck and every conference keynote these days, and has for three years now, so it’s worth knowing what happened when 64 potential buyers were asked to put actual capital behind AmexGBT, the world’s largest corporate travel company: 46 of them said no, most citing AI disruption as the reason.

Rothschild & Co, the financial advisor to the Special Committee overseeing the sale, contacted 64 potential counterparties starting in December 2025, including financial sponsors, strategic buyers, minority partners, the full universe of people with the capital and the expertise to buy a $2.7 billion revenue company with the American Express brand on the door.

Forty-six declined without even signing a confidentiality agreement. The reasons cited included “risk of artificial intelligence disintermediation and disruption,” concerns about organic growth, macroeconomic conditions, and pricing and margin durability. Three more dro