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Priceline agrees to invest in Ctrip for cross-promotion
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CTRIP, China’s No. 1 online travel agency, said today that Priceline Group Inc agreed to invest US$500 million in the company through a purchase of convertible bonds.
Both sides aim to cooperate on cross-promoting and hotel inventory sharing, thanks to the surging demand of outbound tourism in China and globally, Ctrip said.
Combined with the convertible bonds and Ctrip shares Priceline plans to buy in the open market over the next 12 months, it may hold up to 10 percent of Ctrip's shares. It will be granted the right to appoint an observer to the Ctrip board of directors.
Ctrip’s customers are allowed to reach Priceline’s overseas portfolio of over 500,000 accommodations outside of China while Priceline customers can reach Ctrip’s over 100,000 accommodations in China.
The new agreement also includes cross-promoting on hotels, air ticketing and attraction ticketing services.
In 2013, the online travel market revenue reached 218 billion yuan (US$35.2 billion) and Ctrip accounted for about 50 percent of the total, according to Analysys International, a Beijing-based IT research firm.
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