According to a report from Bloomberg, the world’s largest corporate travel management company has hired advisors to explore potential buyers, including private equity firms and strategic industry players.

The move comes after a difficult run on the stock market following Amex GBT’s 2022 SPAC merger. Shares were trading around $8.12 on November 25, up roughly 14% since news of the sale exploration broke, reflecting investor interest in potential strategic opportunities.

Sources familiar with the company suggests the sale could attract major travel and tech players. Possible strategic buyers include Expedia, which sold Egencia to Amex GBT in 2021 and maintains a minority stake along with a 10-year marketing partnership, and SAP Concur, which recently partnered with Amex GBT to co-develop a travel, expense, and payments platform. Tech platforms interested in leveraging AI to transform corporate travel management, potentially including Google’s Capital G, may also explore the opportunity.

“Amex GBT’s deliberations are ongoing, and there’s no certainty they’ll lead to a transaction, the people said, asking not to be identified because the information is private. It’s also possible the company could choose to remain independent,” Bloomberg noted.

The Amex GBT-CWT merger, combining the #1 and #4 global business travel players, is expected to generate $155 million in synergies. The deal, along with the potential sale, underscores Amex GBT’s ambition to use technology, including AI-driven platforms, to expand its reach in small business and unmanaged business travel markets.