American Express Co. said it is in talks with an investor group led by Certares to create a joint venture that would run the credit card company's business travel division.

The investor group will invest between $700 million and $1 billion in the joint venture for a 50 percent stake, AmEx said in a statement.

AmEx's consumer travel business would not be a part of the proposed deal, the company said.

Certares is a firm headed by senior management with significant experience in the travel industry, AmEx said.