Apollo Global Management and Silver Lake, private equity firms, completed the investment of $3.2bn in Expedia Group, a travel shopping company. The $3.2bn financing consists of a $1.2bn private placement of perpetual preferred stock and approximately $2bn in new debt financing. These efforts are part of a comprehensive strategy to enhance Expedia Group's financial flexibility and strengthen its liquidity position. The closing of the fundraising transaction is expected on May 5, 2020. "Between the significant steps Expedia Group continues to take to simplify the business, the talented leaders I have gotten to know over the last several months, and this new funding, we are in better position to continue to rise to the current challenge and come out even stronger than before – we understand the financial challenges ahead and we will continue to prudently address those needs. We are excited to have Apollo and Silver Lake as valued partners in this effort as they share our strong belief in the long-term growth of Expedia and look forward to David and Greg's invaluable insights as Board members," Peter Kern, Expedia Group Vice Chairman and CEO.