Expedia gets $1.2 billion investment from Silver Lake and Apollo; appoints new CEO

(Reuters) – Online travel services provider Expedia Group Inc said on Thursday private equity firms Silver Lake Partners and Apollo Global Management Inc would invest about $1.2 billion in the company.

David Sambur, co-lead partner of Apollo’s private equity business, and Greg Mondre, managing partner of Silver Lake, will join the company’s board upon the closing of the deal in May, Expedia said.

Expedia, which would also raise about $2 billion in new debt financing, said Vice Chairman Peter Kern has been named chief executive officer.