Ctrip acquires Skyscanner for $1.7 billion to expand bookings
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San Francisco: Ctrip.com International Ltd., China’s biggest online travel company, agreed to buy UK startup Skyscanner Ltd. for about £1.4 billion ($1.7 billion) to expand its bookings for flights, hotels and rental cars.
The deal will add new geographic regions to its platform. Skyscanner, a 13-year-old company based in Edinburgh, Scotland, searches through travel options for users and provides price comparisons.
Bloomberg reported last month that Skyscanner was looking to sell itself or go public. The company was valued at more than £1 billion by investors after a financing round in January, according to a British securities filing. Sequoia Capital and Scottish Equity Partners are among Skyscanner’s backers.
Ctrip said in a statement that the purchase is “mainly” a cash transaction, with the remainder consisting of equity and loans. Bloomberg