Expedia near deal to sell stake to private-equity firms

Expedia Group Inc. is in advanced talks to sell a stake to private-equity firms Silver Lake and Apollo Global Management Inc. APO, +2.70% after the widespread travel bans caused by the coronavirus pandemic ravaged the online-booking company’s business.

Expedia EXPE, +9.41% , led by Barry Diller, is expected to hand board representation to the investors as part of the deal, which could be announced this week, people familiar with the matter said. The investment is likely to total around $1 billion, the people said. Other details couldn’t be learned.

The talks could still fall through, and Expedia could opt to raise funds another way, including in a public-debt offering, the people cautioned.

The cash could tide the Seattle company over until travel restrictions are lifted and the economy can recover from its steep drop-off. Expedia operates several brands including Travelocity, Orbitz and Vrbo that are used to book flights and lodging.

 

Source: MarketWatch

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