Expedia increases stake in Chinese firm eLong

Expedia increases stake in Chinese firm eLong

Expedia has paid $72.4 million for an increased stake in Chinese online travel provider eLong.

The US internet travel giant has bought the unspecified shareholding from China’s social networking company Renren.

Expedia was already one of the two largest shareholders in eLong, which made improved third quarter profits of $1.5 million in the three months to September.

Expedia president and chief executive Dara Khosrowshahi said: “We’re pleased to have an opportunity to increase our investment in eLong as we see China as a key market in our efforts to expand internationally.

“We have been very happy with the strategic and operational progress made by eLong and look forward to many more years of success.”

Renren chairman and chief executive Joseph Chen said: “Our early investment in eLong helped us build mutually beneficial commercial ties as well as generate strong returns for our shareholders.

“Renren and eLong will continue to work on a number of joint initiatives, including Nuomi hotel group-buy, one of the largest hotel group-buy sites in China. We will continue this strong relationship with eLong and deliver more popular products together moving forward.”

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