Ctrip to own 45% of Qunar via tie-up to 鈥榗reate greater value鈥
Print Edition
CHINESE online travel company Ctrip.com International Ltd yesterday announced a tie-up with rival Qunar Cayman Islands Ltd and its backer Baidu Inc through a share swap.
Under the deal, Ctrip.com will own roughly 45 percent of Qunar, according to a statement. Baidu will take a 25 percent stake in Ctrip.com.
Ctrip.com has a market valuation of US$10.6 billion, while the smaller Qunar is valued at US$5.2 billion, according to Thomson Reuters data.
“We believe this will create greater value to our customers, partners and shareholders in the future,” Ctrip.com’s CEO James Liang said in the statement.
Such mergers are becoming increasingly common in China’s tech sector as a way of dealing with fierce competition between rival companies.
Earlier this month, Meituan.com and Dianping Holdings — which provide online reviews and deals for restaurants and retail and leisure businesses — said they would merge after being fierce rivals for years.
Didi Dache and Kuaidi Dache, two leading taxi-hailing firms, combined in a share swap worth US$6 billion earlier this year.
Four Ctrip.com representatives will join Qunar’s board of directors, including CEO Liang and Chief Operating Officer Jane Sun. Baidu’s CEO Robin Li and Tony Yip, the firm’s head of investments, have been appointed to Ctrip.com’s board.
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