China’s online travel Trip.com partners TripAdvisor to go global
Nov 08, 2019 (China Knowledge) - China’s largest online travel agency Trip.com (TCOM), formerly known as Ctrip, is set to team up with U.S’ biggest travel reviews website TripAdvisor (TRIP) to establish a joint venture in China. The new joint venture will operate in China as TripAdvisor China, which will be a subsidiary company of Ctrip Investment Holding Ltd and TripAdvisor Singapore Private Limited.
Trip.com will hold a 60% stake in the joint venture, with the remaining stake held by TripAdvisor.
The joint venture will be part of a strategic partnership between the two companies in terms of digital content access and inventory pooling. TripAdvisor will provide its assets, such as exclusive brand and content licenses, to Trip.com. The partnership will enable Trip.com to push forward with its plans to expand globally, while at the same time increase TripAdvisor’s presence and user base, especially in the Chinese market.
Following the deal, Trip.com will have the option to purchase 6.95 mln shares in TripAdvisor for around USD 317.6 mln over a one-year period.
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