Expedia Dumps Majority Stake In eLong
Expedia rose more than 5 percent to $111.47; eLong gained about 9 percent to $22.50 in active trading recently.
Elong's recent quarterly revenue fell 17 percent to $33.6 million, while its operating loss widened to $40.1 million, from $7.9 million a year earlier.
Ctrip shares rose more than 16 percent to $84 recently.
Other purchasers of Expedia's stake, all based in China, included Keystone Lodging Holdings Ltd., Plateno Group Ltd, and Luxuriant Holdings Ltd., Expedia said.
Ctrip, with a market capitalization of $11.63 billion, is an online consolidator of hotel rooms and transportation tickets in China.
ELong offers online hotel reservations to travelers in China and has a market capitalization of about $757.4 million.
Ctrip and Expedia agreed to cooperate to allow their respective customers to benefit from certain travel product offerings for specified geographic markets.
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