Expedia Nears Deal To Sell $1 Bln Worth Stake To Silver Lake And Apollo : WSJ

(RTTNews) - Expedia Group Inc.(EXPE) is nearing a deal to sell a stake worth $1 billion to private equity firms Silver Lake and Apollo Global, the Wall Street Journal reported citing people familiar with the matter.

The news comes amid the widespread travel bans caused by the coronavirus pandemic that affected the online-booking company's business.

The company is expected to hand board representation to the investors as part of the deal, which could be announced this week, the Journal reported.

However, the talks could still collapse, and the company could opt to raise funds another way, including in a public-debt offering, the report said.

There were reports in late February that Expedia planned to eliminate certain projects and about 12 percent of its workforce or 3,000 jobs, following its disappointing 2019 business performance.