Barry Diller’s Expedia Group Inc. (EXPE) raised capital from Apollo Global Management Inc. (APO) and Silver Lake Partners LP to help the online travel group weather the economic crunch from the coronavirus outbreak.
“We have one mandate – to conserve cash, survive, and use this time to reconstruct a stronger enterprise to serve the future of travel,” Diller, Expedia’s chairman, said in a Thursday, April 23, statement announcing the investment.
Apollo and Silver Lake are purchasing $1.2 billion in Expedia preferred stock, while the Seattle Internet commerce company is also raising $2 billion in new debt financing. Apollo co-lead of private equity David Sambur and Silver Lake co-CEO Greg Mondre will join Expedia’s board.
Separately, Expedia named vice chairman Peter Kern as CEO. Kern has been on the Expedia board since 2005 and was CEO of Tribune Media Co. before the broadcaster’s $7.2 billion sale to Nexstar Media Group Inc. (NXST) last year. Expedia acting CFO Eric Hart took the role permanently.
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