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Priceline Group boosts Ctrip investment

Priceline Group boosts Ctrip investment

The Priceline Group has agreed to invest an additional $500 million in China’s leading online travel company International, through a convertible bond. 

Including the new bond, The Priceline Group has invested about $1.9 billion in Ctrip convertible bonds and American Depositary Shares since 2014.  Immediately following issuance of the new $500 million bond, assuming conversion of bonds held, The Priceline Group will own approximately 45.5 million American Depository Shares of Ctrip on a fully diluted basis.

The Priceline Group and Ctrip will continue their existing commercial partnership, whereby accommodations inventory is cross-promoted between the brands.

“Today’s announcement reflects our ongoing commitment to the partnership between Ctrip and The Priceline Group, which began in 2012,” said Darren Huston, CEO of and President & CEO of The Priceline Group.  “The investment is an important part of our broader strategy to continue to grow our online travel business to, from and within China.”