|Ctrip invests in local - China - attraction tickets segment.|
Friday, 2nd May 2014
Source : Ctrip.com International, Ltd
Ctrip.com International has entered into an investment agreement with Tongcheng Network Technology Share Co, a local attraction ticket service provider that operates LY.com, to become the second largest shareholder of Tongcheng Network (second only to the management team) for consideration in cash equivalent to over US$200 million.
"We are very pleased to establish a strategic relationship with LY.com. We are increasingly positive about the potential of the travel industry in China. LY.com is the leading player in the local attraction ticket segment and we will support the independent operation of LY.com. We are excited to work with LY.com's team to create greater value for travelers and help the healthy development of the industry," said James Liang, Chairman and Chief Executive Officer of Ctrip.
"We are thrilled to have Ctrip as our strategic investor. Ctrip is the clear leader in the online and mobile travel industry in China. This investment will enhance the strategic cooperation between the two companies and will ultimately benefit our customers and partners," said Zhi Xiang Wu, Chief Executive Officer of LY.com.