"Management appears to be cleaning up the business to hand off at some point," wrote Scott Devitt, internet analyst at Stifel to investors.Fabrizio Bensch | Retuersstruggles to survive the ravages of the coronavirus crisis, private equity has jumped in to help the company stay afloat and potentially ready it for sale when the economy restarts.
David Sambur, co-lead partner of Apollo's private equity business, and Greg Mondre, Co-CEO and managing partner of Silver Lake Partners will join Expedia's board. most recent round of debt financing. Sources say Apollo Group has invested over $10 billion in equity and debt since the coronavirus outbreak began.Beyond the pain inflicted by Covid-19 on the travel sector, Google's travel platform has challenged the online travel industry, making it harder for Expedia among others to generate as much organic traffic to their website.
It is unclear whether Norwegian will be successful. Among the publicly listed cruise operators, it has the highest debt to equity ratio, according to Suntrust. One year after the deal was announced, Norwegian Cruise Line shares nearly doubled. Both private equity companies have since exited their positions in Norwegian and returned capital to investors.
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