Apollo and Silver Lake support Expedia in leading $3.2bn financing round

Online travel booking company Expedia Group announced it had raised $3.2 billion in new capital, with investment funds managed by private equity firms Apollo Global Management and Silver Lake leading the way. David Sambur, co-lead partner of Apollo’s private equity business, and Greg Mondre, Co-CEO and managing partner of Silver Lake, will join the Expedia Group board of directors upon the closing of the fundraising transactions that is expected on May 5. The deal consisted of $1.2 billion in private placement of perpetual preferred stock and approximately $2 billion in new debt financing. The effort was part of the Seattle-based company’s strategy to enhance its financial flexibility and strengthen its liquidity position. According to Peter Kern, vice chairman and CEO of Expedia, the steps to simplify the business and the new funding will help the company address its financial challenges ahead. “Expedia is a world-class company with an unparalleled collection of online travel brands and access to vast diversified travel supply, and we are thrilled to partner with management and the board to drive its continued growth and innovation,” said Reed Rayman, a partner in private equity at Apollo. “Investing significant new equity in a company of Expedia’s global scale and reach will help strengthen its financial position to continue to serve millions of travelers worldwide,” added Jason Scheir, Apollo partner and head of U.S. hybrid value. Greg Mondre and Joe Osnoss, managing partners of Silver Lake, said that the firm has long admired Expedia as a true e-commerce pioneer that has defined how people use technology to book and experience travel.

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