Cleary Gottlieb acted as counsel to American Express in an amendment to its existing co-brand credit card agreement with Marriott International (Marriott).
The amendment provides for American Express’ pre-purchase of Marriott Bonvoy points, and payment of other consideration to Marriott, equal to $350 million. The amendment also includes an extension of the existing co-brand credit card agreement.
The transaction was announced on May 5, 2020. For more information, please see Marriott’s press release here.