Expedia (NASDAQ:EXPE) is holding advanced discussions with private equity firms Silver Lake and Apollo Global Management to sell a stake in the online travel company. 

With travel coming to a screeching halt in the U.S. amid the COVID-19 pandemic and with travel bans instituted across the globe, Expedia has been negatively affected. As a result, it's now looking to shore up capital by potentially selling a stake to the two PE firms. 

A woman booking a flight on her laptop computer while sitting on the couch.

IMAGE SOURCE: GETTY IMAGES.

Citing people familiar with the matter, The Wall Street Journal reports that a deal could be announced this week. Silver Lake and Apollo Global Management reportedly would spend $1 billion for the stake, but it's unclear what percentage of the company the firms would be receiving in exchange. The investor groups will get seats on the Expedia board as a result of the deal, noted the report. 

It's worth noting, however, that talks could still fall apart and the tech stock could opt to seek other funding alternatives. 

The COVID-19 pandemic has destroyed the travel industry and many of the companies serving that market. In March, Expedia withdrew its guidance for the year, warning that the impact from the pandemic would be worse than it previously expected. The online travel company also suspended its share repurchase program.  Expedia ended 2019 with $4 billion in long-term debt and around $3 billion in cash.