Expedia has announced that it has secured a $3.2 billion package to weather the Covid-19 storm.
The new funding reportedly comes from equity investments totalling $1.2 billion from PE firms Apollo and Silver Lake and an additional $2 billion in debt.
Chairman Barry Miller said that Expedia’s immediate goal now is ‘to conserve cash, survive, and use this time to reconstruct a stronger enterprise’.
The company also announced that it had a new permanent Chief Executive. Announcing Peter Kern as new CEO, Diller said: “In these last five months, he has shown outstanding leadership in all aspects of the business, first in a wide reorganization and then dealing with the impact of the Corona crisis on our business.
“He now knows all aspects of the business, and we are truly lucky that he is now available to devote his full time to Expedia.”
