Private equity firm Carlyle and Singapore sovereign wealth fund GIC are backing away from a deal to take a 20% stake in American Express Global Business Travel, whose revenue has plummeted as a result of the coronavirus pandemic.

The deal, announced in December, values the company at $5bn including debt. It was scheduled to close on 7 May but representatives for Carlyle and GIC informed AmEx Global Business Travel on 6 May they would not participate in the closing, according to people familiar with the matter.