Ctrip offers $88m for 90% stake in travel unit of Wing On
By Bao Chang | China Daily | Updated: 2010-02-04 07:55
Ctrip.com International Ltd, an online travel service provider, plans to invest $88 million to acquire a 90 percent stake in a travel service unit of Wing On Travel (Holdings) Limited of Hong Kong, the company said in a statement yesterday.
Ctrip hopes to strengthen its market position in Hong Kong through the acquisition of the tourism unit of Wing On, which has been offering travel-related services for more than 40 years.
The investment by the NASDAQ-listed company will be subject to several factors, including approval from the shareholders of Wing On Travel.
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