ELong and SINA Corporation have entered into definitive agreements by which eLong will acquire Fortune Trip. eLong expects the deal to close during its second quarter ending June 30, 2005.
eLong and SINA separately announced they have entered into a three year
strategic advertising cooperation agreement whereby eLong will become
SINA’s exclusive hotel bookings partner in the PRC upon the closing of the
Fortune Trip transaction. During this period, SINA and eLong will operate
a co- branded online hotel booking channel, and eLong will receive
advertising placements on SINA’s website including SINA’s travel channel.
“Through this acquisition we believe eLong will enhance our competitive
position especially in Eastern China, increase our hotel volumes and
strengthen our management team. We are especially pleased that at closing,
Wu Hai, Fortune Trip’s founder and one of China’s most seasoned travel
executives, will be joining eLong as a Vice President and Wu Hai will be
joined at eLong by the Fortune Trip management team,” said Justin Tang,
Chairman and Chief Executive Officer of eLong.
“We are pleased for the next three years to be teaming up with eLong, one
of China’s leading online travel companies, to provide our growing user
base access to eLong’s high quality hotel, air and vacation package
products,” said Wang Yan, Chief Executive Officer of SINA.