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Expedia sells stake in Chinese travel service

Expedia's stock jumps after it announces sale of stake in eLong, a Chinese travel service

Expedia sells stake in Chinese travel service

NEW YORK (AP) -- Expedia is selling its majority stake in eLong, a Chinese travel service, to a group of businesses based in China for roughly $671 million.

The news sent shares of the online travel company up more than 5 percent in early trading Friday.

Bellevue, Washington-based Expedia said before the U.S. markets opened that it had sold its 62.4 percent share in eLong to a group that includes Ctrip.com International Ltd., Keystone Lodgings Holdings Ltd., Plateno Group Ltd. and Luxuriant Holdings Ltd.

ELong had reportedly been a drag on Expedia's earnings. The company said the transaction closed Friday.

Expedia's stock was up $5.62 to $111.45 early Friday, after rising as high as $115 earlier in the session.


Updated : 2021-09-28 01:21 GMT+08:00