Online Travel Firms Et-China and Yoee Merge

National Business Daily, 6/12/09

Guangzhou-based travel site Et-China (LSE: ETC) has announced it is acquiring Beijing-based airline booking site Yoee.com and has already combined the customer service departments. The merged company's primary business will be online travel transactions.

After the purchase, Yoee.com will no longer be involved in direct financial matters with foreign or domestic flight services. Former Yoee CEO Xiong Changqing will become the new company's COO and will manage daily operations. Matthew Ng, CEO of Et-china, will be primarily responsible for corporate strategy and capital management. In 2008, Et-china posted sales of RMB 3.1 bln, with operating revenue of RMB 1.75 bln and gross revenue of RMB 190 mln.

European travel group Kuoni announced last week the purchase of 32% of Et-china stock, making it the largest individual shareholder of the company.

Keywords: M&A Et-china ETC Internet online travel revenue Xiong Changqing Matthew Ng Kuoni

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