Expedia Group, Inc. (NASDAQ: EXPE) has has announced that it is raising approximately USD 3.2 billion of new capital, as part of a comprehensive strategy to enhance Expedia Group´s financial flexibility and strengthen its liquidity position, the company said.
The new capital consists of a USD 1.2 billion private placement of perpetual preferred stock and approximately USD 2 billion in new debt financing. Investment funds managed by affiliates of Apollo Global Management, Inc. and Silver Lake, two alternative asset investors, are providing the equity investment.
J.P. Morgan and Moelis & Company LLC are serving as joint financial advisors and placement agents to Expedia Group and Wachtell, Lipton, Rosen & Katz is acting as legal counsel. Evercore is acting as lead financial advisor to Apollo; Goldman Sachs & Co. LLC is also advising Apollo. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to Apollo. Simpson Thacher & Bartlett LLP is serving as legal counsel to Silver Lake.