Ctrip.com International, Ltd. (NASDAQ:CTRP)Wednesday agreed to buy British Skyscanner Ltd. for £1.4 billion ($1.7 billion). “This acquisition will strengthen long-term growth drivers for both companies. Skyscanner will complement our positioning on a global scale, and we will leverage our experience, technology and booking capabilities to help Skyscanner.” The company said.
Ctrip share jumped more than 10 percent to $45 in the early trading in New York. According to a company statement that stated, “Chinese people are traveling to the US.” “Skyscanner is one of the biggest flight ticket search platforms in the world,” said James Jianzhang Liang, co-founder and executive chairman of Ctrip.
Skyscanner is a Scotland-based company. It had 22 million visits in October.
Ctrip is the largest Chinese travel company. Priceline Group had $500 million investment in the company. “It will extend our air-ticketing business to a much bigger footprint in a global marketplace,” said Chief Executive Jie Sun.