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Ctrip to Acquire Controlling Stake in Travel Agency 'Traveling Bestone'

Tencent Tech, 10/17/16

Chinese online travel service provider Ctrip (Nasdaq: CTRP) and Chongqing-based Overseas Tourist Group, operator of online and mobile travel booking platform Traveling Bestone, have jointly announced the signing of a strategic investment partnership agreement, under which Ctrip will acquire a controlling stake of Traveling Bestone.

Ctrip and Traveling Bestone will fully partner on vacation travel services, and Ctrip will gain access to more than 5,000 offline storefronts located in second- and third-tier mainland Chinese cities. Ctrip and Traveling Bestone will also partner on product development, resource purchasing, sales channels, and travel consultant cultivation.

Keywords: Overseas Tourist Group retail Internet Ctrip online travel CTRP Traveling Bestone vacation travel M&A

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