Expedia today sold its 62.4% majority stake in leading Chinese mobile and online accommodation booking site booking eLong for $671 million.
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Expedia sells Chinese OTA stake heralding cooperation with Ctrip
Expedia today sold its 62.4% majority stake in leading Chinese mobile and online accommodation booking site booking eLong for $671 million.
China-based online travel agent Ctrip has taken 37.6% of eLong from Expedia for $400 million.
The deal means that Expedia and Ctrip have agreed to co-operate with each other.
This will “allow their respective customers to benefit from certain travel product offerings for specified geographic markets,” Expedia said.
The remainder of the Expedia stake has been bought by several other Chinese companies including Keystone Lodging Holdings, Plateno Group and Luxuriant Holdings.
The sale follows an announcement in February that Expedia had struck a ‘definitive agreement’ to buy rival OTA and ebookers parent Orbitz Worldwide for $12 per share in cash.
