Expedia to boost liquidity with $3.2 billion capital raise, names new CEO [Reuters]
Expedia Group, Inc. (EXPE)
Last expedia group, inc. earnings: 2/13 04:01 pm
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Source: Reuters
Expedia to raise $3.2 billion in capital to boost liquidity, names new CEO (Reuters) - Expedia Group Inc said on Thursday it was raising $3.2 billion in fresh capital to boost its liquidity, in an effort to ride out a coronavirus-driven collapse in travel demand. The company also named Vice Chairman Peter Kern as its chief executive officer and said it would abandon its dividend, implement furloughs and reduce work-week programs to save cash. Shares of Expedia, which have declined about 43% this year, rose nearly 3% before the bell. The online travel group said private equity firms Silver Lake Partners and Apollo Global Management Inc would invest about $1.2 billion in the company and would have board representation upon the closing of the deal in May. Expedia will also raise about $2 billion in new debt. Travel companies around the world are rushing to shore up finances after a steep fall in demand due to travel restrictions imposed to curb the spread of the coronavirus, which has in
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EXPE
News
- Expedia Group (EXPE) Declined 9.3% Giving Back its Gains [Yahoo! Finance]Yahoo! Finance
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- Expedia Group Announces Two New Sustainable Travel Programs for Destinations [Yahoo! Finance]Yahoo! Finance
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EXPE
Earnings
- 2/8/24 - Beat
EXPE
Sec Filings
- 4/17/24 - Form 4
- 4/5/24 - Form 4
- 4/2/24 - Form 4
- EXPE's page on the SEC website