Expedia Sells 62.4% Majority Stake In ELong For $671 Mln - Quick Facts

(RTTNews) - Expedia, Inc. (EXPE) said it has sold its 62.4 percent majority stake in eLong, Inc. (LONG), a leading online travel company in China, to several purchasers based in China, including Ctrip.com International, Ltd. (CTRP), Keystone Lodging Holdings Limited, Plateno Group Limited and Luxuriant Holdings Limited for a total purchase price of about $671 million.

Expedia and Ctrip have also 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.

eLong said separately that it was informed by its largest shareholder Expedia that all of the ordinary shares Expedia owned were sold at an average price of $14.63 per share.