Carlyle Says Covid Pandemic Warrants Killing AmEx Stock Deal (3)

The Covid-19 pandemic has decimated the world’s travel industry and fatally crippled a deal calling for the Carlyle Group Inc. and Singapore sovereign-wealth fund <-rte-company state="{"_id":"00000172-16cf-df10-ab76-5eff9b540000","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">GIC Pte to buy 20% of <-bsp-bb-link state="{"bbHref":"bbg://securities/1121823D%20NA%20Equity","_id":"00000172-16cf-df10-ab76-5eff9b540001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">American Express Global Business Travel, according to unsealed lawsuits.

Carlyle and GIC asked a judge in separate lawsuits to let them scrap the deal. In the lawsuits, the funds disputed claims by an investment group led by Certares Management LLC -- slated to sell the shares in the deal -- that the pandemic doesn’t provide legitimate legal grounds for pulling the plug. The $1.5 billion stock-purchase valued the travel ...