Ctrip and Priceline deepen business cooperation and strengthen global strategic partnership

Absrtact: Priceline and Ctrip announced today that the former will invest $500 million in the latter through convertible bonds, aimed at deepening existing business cooperation to strengthen the global strategic partnership. According to the agreement, in addition to 500 million dollar convertible bonds investment, Ctrip agreed to Priceline in

Priceline and Ctrip announced today that the former will invest $500 million in the latter through convertible bonds, aimed at deepening existing business cooperation to strengthen the global strategic partnership.

According to the agreement, in addition to 500 million dollar convertible bonds investment, Ctrip agreed to Priceline in the next year through the open market to buy their shares. Included in the convertible bond shares, Priceline will be expected to hold up to 10% of the total circulation of Ctrip. While buying convertible bonds, Priceline also obtained the right to appoint an observer to Ctrip's board of directors.

This cooperation is based on the two companies in the past in the hotel accommodation inventory of the cross promotion. Priceline and Ctrip will share their respective hotel accommodation on the basis of the original, to expand the share of stock sharing scale and partner preferential terms. Both sides will promote their products and services to each other.