Expedia nearing deal to sell stake to Silver Lake and Apollo - WSJ

Expedia nearing deal to sell stake to Silver Lake and Apollo - WSJ

Online travel services company Expedia Group Inc is in advanced talks to sell a stake to private-equity firms Silver Lake Partners and Apollo Global Management Inc for about US$1 billion, the Wall Street Journal reported on Tuesday.

Expedia
Amid an unprecedented slump in travel, online booking group Expedia said it was raising cash and cutting pay to weather the COVID-19 crisis. REUTERS/Fabrizio Bensch/Files

REUTERS: Online travel services company Expedia Group Inc is in advanced talks to sell a stake to private-equity firms Silver Lake Partners and Apollo Global Management Inc for about US$1 billion, the Wall Street Journal reported on Tuesday.

Expedia's shares rose more than 6per cent in extended trading. The company's shares have fallen about 47per cent so far this year as global travel restrictions due to the coronavirus pandemic ground the travel and tourism industry to a virtual halt.

The company is expected to give board representation to the investors as part of the deal, which could be announced this week, the Journal reported, citing people familiar with the matter. (https://on.wsj.com/3cAhcWy)

However, the talks could still collapse and Expedia could opt to raise funds in a public-debt offering instead, the report added.

Expedia and Silver Lake declined to comment, while Apollo did not immediately respond to Reuters' request for comment.

(Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters

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