American Express in $1.1 Billion GE Business Unit Acquisition

Cleary Gottlieb represented American Express Company in its acquisition of Corporate Payment Services, General Electric Company's commercial card and corporate purchasing business unit. As part of the deal, GE has agreed to become a client of American Express under a multiyear pact. The acquisition is valued at $1.1 billion in cash. The asset purchase agreement was signed on March 26 and the deal closed on March 28.