Priceline to buy stake in Ctrip
Print Edition
US-BASED online travel agency Priceline Group Inc will invest US$500 million in Ctrip.com, China’s No. 1 online travel agency said yesterday.
Priceline is investing in Ctrip through a US$500 million convertible bond. Ctrip is also allowing Priceline to buy Ctrip shares in the open market over the next 12 months.
Combined with the shares convertible under the bond, Priceline will be limited to holding up to 10 percent of Ctrip’s outstanding shares.
But Priceline will have the right to appoint an observer to Ctrip’s board of directors.
Both sides also agreed to cooperate on hotel inventory sharing as demand grows for online tickets and bookings.
Ctrip’s customers can tap into Priceline’s overseas portfolio of over 500,000 accommodations, while Priceline customers can reach Ctrip’s over 100,000 accommodations in China.
“International travel is the next catalyst for Ctrip,” Morgan Stanley said.
“The partnership will help Ctrip strengthen its leading position by securing better travel inventories and exploring new business opportunities, capitalizing on the booming international travel market in China.”
In 2013, the online travel market revenue reached 218 billion yuan (US$35.2 billion), and Ctrip accounted for about 50 percent of the market.
“Travel to and from China is growing rapidly, and through this partnership, we have an opportunity to further help the world experience China, and China experience the world,” said Darren Huston, President & CEO of Priceline.
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