Expedia names new CEO, raising $3.2 billion amid COVID-19
04/23/2020|11:03:23 PM|ChinaTravelNews

Expedia Group said its Board of Directors has approved the appointment of Peter Kern, Expedia Group’s Vice Chairman, to serve as Chief Executive Officer of the Company, and the appointment of Eric Hart, Expedia’s Chief Strategy Officer and acting Chief Financial Officer, as the Company’s Chief Financial Officer.

The OTA giant also announced that it is raising USD 3.2 billion of new capital, consisting of a USD 1.2 billion private placement of perpetual preferred stock and warrants and USD 2 billion in new debt financing.

Investment funds managed by affiliates of Apollo Global Management, Inc. and Silver Lake, two of the world’s leading alternative asset investors, are providing the equity investment.

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 fund raising transactions, which is expected on May 5, 2020.

According to the company's preliminary results for the first quarter this year, room nights dropped by 12%-17% to 67-71 million, and gross bookings were down by 38%-43% at USD 17.1-18.5 billion.