American Express To Acquire LoungeBuddy

American Express (NYSE: AXP) today announced it will acquire LoungeBuddy, a digital platform that enables travelers to discover, book and access airport lounges worldwide. Founded in 2013, LoungeBuddy’s mobile app and website (www.loungebuddy.com) provide a premium airport experience with robust lounge ratings and reviews, comprehensive eligibility criteria, and global airport coverage through its lounge partners. The acquisition is expected to be completed in April 2019.

“The expansive airport lounge access we offer our premium Card Members through the Global Lounge Collection is among the most popular travel benefits we offer, which is why we continue to invest in enhancing the lounge access and services we provide,” said Chris Cracchiolo, Senior Vice President, Global Loyalty and Benefits, American Express. “With the acquisition of LoungeBuddy, we will be able to leverage its cutting-edge platform to develop additional ways to become an essential part of our Card Members’ digital lives.”

American Express has been partnering with LoungeBuddy since 2017 to provide information in the American Express mobile app for the more than 1,200 airport lounges that Platinum Card and Centurion Members can access through the American Express Global Lounge Collection.

“Since the beginning of our partnership with American Express, it was clear that American Express shared the same commitment to elevate their customers’ entire travel experience and beyond,” said Tyler Dikman, Co-Founder and CEO, LoungeBuddy. “As a company rooted in providing a highly premium experience using innovative technologies, we are excited to work even more closely with American Express to further deliver on this for their Card Members across the globe,” added Zac Altman, Co-Founder and CTO, LoungeBuddy.

After the acquisition, LoungeBuddy will operate as a wholly-owned subsidiary of American Express under the leadership of its original founders and will continue to develop its technologies and capabilities in digital travel services.

Information Related to Forward-Looking Statements

This release includes forward-looking statements that reflect management’s expectations about future events, including expectations regarding the transaction. These forward-looking statements are subject to risks and uncertainties. The words “expect,” “intend,” “plan,” “will,” “may,” “should,” “could,” “would,” and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. American Express undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the parties’ ability to satisfy the closing conditions, the underlying assumptions related to the transaction proving to be inaccurate or unrealized, and the company’s ability to integrate LoungeBuddy and leverage its platform and lounge network. A further description of these and other risks and uncertainties can be found in American Express’ Annual Report on Form 10-K for the year ended December 31, 2018 and its other reports filed with the SEC.