Ctrip, Qunar create biggest travel agency
Online travel company Ctrip. com International Ltd and its rival Qunar Cayman Islands Ltd have agreed to a share swap and partnership that will create China’s biggest online travel service.
Ctrip will own roughly 45 percent of Qunar, the secondlargest online travel agency in China, the company said in a statement. Baidu, which owns 20 percent of Qunar, will take a 25 percent stake in Ctrip. The two companies will also combine products and services.
The two companies have a combined market value of $15.6 billion, according to data compiled by Bloomberg.