UPDATE: Tencent Acquires 16% Stake In ELong, Expedia Raises ELong Stake
17 5월 2011 - 6:14PM
Dow Jones News
Chinese Internet giant Tencent Holdings Ltd. (0700.HK) Tuesday
announced it acquired a minority stake in online travel agent eLong
Inc. (LONG), in a co-investment with Expedia Inc. (EXPE), eLong's
largest shareholder.
Shenzhen-based Tencent acquired an approximate 16% stake in
eLong for $84.4 million while Bellevue, Wash.-based Expedia
acquired 8% of eLong's outstanding shares, increasing its stake in
the company to 56%, Tencent said in a joint statement Tuesday.
Tencent, which is looking for new ways to fuel growth outside
its core businesses of online games and messaging, has stepped up
efforts to make strategic investments in recent months. The eLong
stake purchase is Tencent's first significant investment in the
travel market.
The move would be a boost for eLong, which has struggled to keep
up with China's largest online travel agency by revenue, Ctrip.com
International Ltd., and which faces increasing competition,
including from Alibaba Group Holding Ltd.'s Taobao. Cooperation
with Tencent could link eLong's travel booking services with
Tencent's base of hundreds of millions of users.
Dara Khosrowshahi, president and Chief Executive of Expedia,
said in the statement that aligning with an Internet industry
leader and increasing the company's investment "strengthens our
position in this critical market."
"ELong and Expedia supply partners will enjoy incremental access
to significant internet traffic and customers in China," eLong
Chief Executive Guangfu Cui said in the statement.
-By Loretta Chao of the Wall Street Journal, Dow Jones
Newswires; (8610) 8400-7725; loretta.chao@dowjones.com
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