Ctrip takes stake in China Eastern Airlines
China’s largest online travel agency Ctrip plans to take a 3% stake in China Eastern Airlines for three billion yuan ($463 million).
The private share placement deal is part of an agreement for a collaboration on products and services, the two companies said.
Ctrip has the option to increase its shareholding in the carrier to up to 10% over the next year and could then appoint a director to China Eastern’s executive board.
The carrier has a market valuation of about 70 billion yuan.
Delta Air lines recently bought a 3.55% stake in China Eastern for $450 million.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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