Beijing Utour acquires Huayuan MNB for 2.6b yuan

Beijing Utour International Travel Service Co, one of China's top outbound travel agencies, announced on Monday it is buying 100 percent of the wholesale travel operator Huayuan MNB for 2.6 billion yuan($397.5million).

Ctrip.com International Ltd, the largest online travel agency in China and the biggest shareholder in Huayuan, will also become a shareholder in Beijing Utour as part of the deal.

"Ctrip will hold 5 percent of Beijing Utour's shares within the next 12 months through this acquisition," Beijing Utour said in a statement.