Monday, May 16, 2011

Expedia Invests In Chinese Travel Site

Bellevue-based Expedia has invested in Chinese online travel service, eLong, the firms said today. According to eLong, Expedia joined Chinese telecom firm Tencent Holdings in investing in the firm. Expedia paid $41.2M for 8 percent of the outstanding shares of eLong; the investment brings Expedia's ownership of eLong to 56 percent of the outstanding shares. Tencent invested $84.4M for 16 percent of eLong. eLong operates an online travel service within China, providing both hotel and air booking services.