NORWALK, Conn., Dec. 10, 2015 /PRNewswire/ -- The Priceline
Group Inc. (NASDAQ: PCLN) today announced that it has agreed to
invest an additional $500 million in
Ctrip.com International, Ltd. (NASDAQ: CTRP) ("Ctrip"),
China's leading online travel
company, 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
Booking.com 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."
About The Priceline Group
The Priceline Group (NASDAQ:
PCLN) is the world leader in online travel and related services,
provided to customers and partners in over 200 countries and
territories through six primary brands - Booking.com,
priceline.com, KAYAK, agoda.com, rentalcars.com, and OpenTable. The
Priceline Group's mission is to help people experience the
world. For more information, visit
PricelineGroup.com.
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SOURCE The Priceline Group Inc.