Expedia Acquires eLong From Renren
Expedia, Inc. (NASDAQ:EXPE) has acquired eLong, Inc. from Renren Inc. (NYSE:RENN). Expedia bought eLong for approximately $72.4 million ($23 per ADS). Expedia is the largest online travel company and Renren is a leading social networking company in China.
“We’re pleased to have an opportunity to increase our investment in eLong as we see China as a key market in our efforts to expand internationally,” stated Expedia President and CEO Dara Khosrowshahi. “We have been very happy with the strategic and operational progress made by eLong and look forward to many more years of success.”
Renren and eLong will continue working on joint initiatives including the Nuomi hotel group buy. eLong, Inc. (NASDAQ:LONG) is a leading online travel, hotel, and flight booking website in China.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry