THE Priceline Group, along with an unnamed long-term equity firm, is investing US$500 million each in China’s leading OTA Ctrip via convertible bonds.
This is the third time Priceline is investing into Ctrip, following the issuance of $250 million in convertible bonds in May 2015 and $500 million in August 2014.
Priceline may own as much as 15 per cent of Ctrip’s shares with this latest round of investments.
“Today’s announcement has further strengthened the strong partnership between Ctrip and the Priceline Group. To work closely with a leading global online travel company is an integral part of our long term growth plan,” said James Liang, co-founder, chairman and CEO of Ctrip.
“We expect the relationship to continue to bear fruit for many years to come.”
