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Published on : Tuesday, December 29, 2015
Ctrip.com International, Ltd. (“Ctrip”) announced that The Priceline Group Inc. and a long-term equity investment firm have each agreed to invest $500 million in Ctrip via convertible bonds. Ctrip has extended its permission to The Priceline Group to increase its ownership in Ctrip through the acquisition of Ctrip’s American depositary shares in the open market so that, when combined with the shares issuable upon conversion of the $250 million convertible bond and the $500 million convertible bond issued to The Priceline Group in May 2015 and August 2014, respectively, The Priceline Group may hold up to 15% of Ctrip’s outstanding shares.
This investment by The Priceline Group follows a commercial relationship established between Ctrip and The Priceline Group in 2012, which was expanded in August 2014 and further in May 2015. Ctrip and The Priceline Group will continue their existing commercial partnership, whereby accommodations inventory is cross-promoted between the brands.
“Today’s announcement has further strengthened the strong partnership between Ctrip and the Priceline Group. To work closely with a leading global online travel company is an integral part of our long term growth plan,” said James Liang, Co-founder, Chairman, and CEO of Ctrip. ” We expect the relationship to continue to bear fruit for many years to come.”