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Expedia Announces Fund Raising; Names Peter Kern CEO - Quick Facts

Expedia Group, Inc. (EXPE) announced it is raising approximately $3.2 billion of new capital, consisting of a $1.2 billion private placement of perpetual preferred stock and approximately $2 billion in new debt financing.

Investment funds managed by affiliates of Apollo Global Management, Inc. and Silver Lake 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 Board.

Separately, Expedia Group announced details of the actions approved by the company's Board. Peter Kern is named Chief Executive Officer of Expedia Group. He has been a member of Board since 2005 and became Vice Chairman in 2018. Eric Hart is named Expedia Group's Chief Financial Officer. He has fully earned permanent status as CFO.

Expedia Group said its Chairman, Chief Executive Officer and members of the Board will forgo cash compensation for the remainder of the year. The company is also ceasing dividends until the business rebounds.

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