Expedia and Tencent Invest $125.6 Million Into eLong.com
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Tencent Holdings Ltd (HKG:0700) and Expedia, Inc. (NASDAQ:EXPE) have invested $125.6 million into online Chinese travel service website eLong.com. Tencent put in $84.4 million for a 16% stake and Expedia put in $41.2 million to increase their stake to 56%.
Tencent may set up a business partnership with eLong to distribute their hotel database to Tencent’s community of 674 million. eLong covers 150,000 hotels across the world, including 19,000 in China and 130,000 internationally.