Priceline Group To Invest Addl $500 Mln In Ctrip - Quick Facts

(RTTNews) - The Priceline Group Inc. (PCLN) announced that it has agreed to invest an additional $500 million in Ctrip.com International, Ltd. (CTRP), China-based online travel company, through a convertible bond.

Including the new bond, The Priceline Group has invested about $1.9 billion in Ctrip convertible bonds and American Depositary Shares since 2014. Immediately following issuance of the new $500 million bond, assuming conversion of bonds held, The Priceline Group will own about 45.5 million American Depository Shares of Ctrip on a fully diluted basis.

The Priceline Group and Ctrip will continue their existing commercial partnership, whereby accommodations inventory is cross-promoted between the brands.

In a Separate press release, Ctrip.com 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 noted that it 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.