Priceline makes additional US$500m investment in Ctrip
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The Priceline Group has agreed to invest an additional US$500 million in Chinese online travel giant, Ctrip.
The investment, which will be made through a convertible bond, will increase Priceline’s total investment in Ctrip to approximately US$1.9 billion in bonds and shares since 2014.
“Today’s announcement reflects our ongoing commitment to the partnership between Ctrip and The Priceline Group, which began in 2012,” said Darren Huston, Priceline’s president & CEO.
“The investment is an important part of our broader strategy to continue to grow our online travel business to, from and within China.”
Priceline and Ctrip first teamed up in 2012 with a mutual content and distribution agreement. This was then followed up by Priceline’s initial US$500m investment in Ctrip in 2014. Priceline then raised its stake in the Chinese firm in May 2015.
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