Ctrip.com to acquire travel search website Skyscanner for $1.74 billion

Chinese online travel agency Ctrip.com International will acquire global travel search website Uk based Skyscanner Holdings for £1.4 billion ($1.74 billion).

The Shanghai headquartered Ctrip would pay most of the amount in cash mainly, while the remainder will be paid through its ordinary shares and loan notes.

Headquartered in Edinburgh, Scotland, Skyscanner is a travel metasearch company that assists users in price comparison of hundreds of travel sites using parameters such as flights, hotels, and rental cars.

Skyscanner. which is available in more than 30 languages, boasts of 60 million monthly active users. Based on the search interest it generates, Skyscanner can be considered easily among the top online travel brands on the internet.

Representation Photo courtesy : adamr and Freedigitalphotos.net

Representation Photo courtesy : adamr and Freedigitalphotos.net

James Jianzhang Liang, co-founder and Executive Chairman of Ctrip said: “Skyscanner is one of the largest travel search platforms in the world.

“Ctrip and Skyscanner share the same passion and dedication in providing travelers around the world with better services.”

Liang added that the acquisition will consolidate long-term growth prospects for both Ctrip and Skyscanner. Skyscanner will complement Ctrip’s positioning at an international scale besides the Chinese online travel company will utilize its experience, technical and booking capabilities to push Skyscanner forward, said the Ctrip Executive Chairman.

Skyscanner’s acquisition is likely to be completed by the year end following satisfactory meeting of customary closing conditions.

The Ctrip acquisition deal of Skyscanner has already been approved by the board of directors of both the companies.

Gareth Williams, co-founder and Chief Executive Officer of Skyscanner called Ctrip as the clear market leader in China from whom Skyscanner can learn plenty from.

The Skyscanner CEO said: “Today’s news takes Skyscanner one step closer to our goal of making travel search as simple as possible for travelers around the world. Ctrip and Skyscanner share a common view – that organizing travel has a long way to go to being solved. To do so requires powerful technology and a traveler-first approach.”

Gareth Williams added that Skyscanner will continue to operate independently even after the Ctrip acquisition. The growing global team, he said will continue to innovate and provide products that travelers know and love.

Skyscanner is run by an established leadership in Europe besides growing in the Asia-Pacific region, North America and South America.

Its new parent company Ctrip.cpm has been a travel service provider, serving its customers in reserving accommodation, booking tickets for transportation, organizing packaged tours and also with corporate travel management in China.

Earlier in January, Ctrip.com announced an investment of $180 million in India’s leading online travel company MakeMyTrip.

 

 

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