JPMorgan Chase has agreed to buy the global loyalty business of Cxloyalty Group Holdings. The deal includes Cxloyalty’s technology platform, travel agency, merchandise, gift cards and points bank businesses.
Loyalty technology company Cxloyalty’s services will strengthen JPMC’s customer rewards programs. “This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base. People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of Cxloyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel,” says JPMorgan’s consumer lending CEO Marianne Lake.
Goldman Sachs & Co. LLC is acting as financial advisor and Davis Polk & Wardwell LLP is acting as legal advisor to Cxloyalty. J.P. Morgan Securities LLC is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to JPMC.