Priceline Group is taking a $500m stake in Ctrip, the Shanghai-based travel booking website, increasing the biggest US online travel agent’s footprint in China’s fast-growing tourism market.
The Connecticut-based company will invest $500m via a convertible bond. It will also gain the right to acquire Ctrip shares on the open market over the next year to build a stake which, combined with the shares convertible under the bond, could be worth up to 10 per cent.
Ctrip, which listed on Nasdaq in 2003, has a market capitalisation of $8.2bn.
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