China's Ctrip Buys 37.6% Equity Stake In ELong For About $400 Mln

(RTTNews) - Chinese online travel services provider Ctrip.com International Ltd (CTRP) Friday announced that it has acquired a 37.6% equity stake in eLong, Inc. (LONG) for a total purchase price of approximately $400 million. .

The company acquired eLong shares from certain selling shareholders, including Expedia, Inc. (EXPE), together with several other investors.

In addition, Ctrip and Expedia have agreed to cooperate with each other to allow their respective customers to benefit from certain travel product offerings for specified geographic markets.

The transaction closed on May 22.