Chinese social networking internet platform Renren has sold its investment in online travel booking business eLong to Expedia for approximately $72.4 million, or $23 per ADS.
“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,” said Dara Khosrowshahi, President and Chief Executive Officer of Expedia. “We have been very happy with the strategic and operational progress made by eLong and look forward to many more years of success.”
“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,” commented Joseph Chen, Chairman and Chief Executive Officer of Renren.
“Renren will continue to be a valued business partner to us, and we look forward to future cooperation with Renren,” said Guangfu Cui, eLong’s Chief Executive Officer.
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