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People's Daily Online>>China Business

Expedia buys Renren's stake in eLong

By Lu Qiwen (Jiefang Daily)

13:20, November 24, 2011

Edited and Translated by People's Daily Online

Expedia, the world's largest online travel company, bought Renren's stake in Chinese online travel service provider eLong for about 72.4 million U.S. dollars, or 23 U.S. dollars per American depositary share, according to a joint statement issued by Expedia and Renren, the top real-name social networking service in China, on Nov. 21.

"We are 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," said Dara Khosrowshahi, chairman and CEO of Expedia.

"Our early investment in eLong helped us build mutually beneficial commercial ties and generate strong returns for our shareholders. Renren and eLong will continue to work on a number of joint projects, including jointly developing Nuomi into one of the largest hotel-focused group buying sites in China," said Joseph Chen, chairman and CEO of Renren.

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