Expedia Group Inc. is in advanced talks to sell a stake to private-equity firms Silver Lake and Apollo Global Management Inc. after the widespread travel bans caused by the coronavirus pandemic ravaged the online-booking company’s business.
Expedia, 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 on March 13 said the impact from the virus would be larger than previously anticipated and withdrew its guidance, becoming one of the first of many to do so. The company last year generated roughly $12 billion in revenue.
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