Ctrip & Qunar: China’s travel merger

The merger between China's two leading online travel firms Ctrip and Qunar could herald more consolidation in the country's fiercely competitive online and e-commerce markets.

Chinese travel company Ctrip.com International has completed an all-share merger with Qunar, a technology provider and subsidiary of Baidu, as the two look to cooperate in China's burgeoning online travel market. 

The partnership between Ctrip and Qunar was announced on Monday less than six months after Qunar rejected an unsolicited buyout offer from Ctrip, raised $800 million via a follow-on offering, and received a combined $500 million worth of new investment from US private equity firm Silver Lake and an unnamed investor.

Under the terms of the announcement Ctrip will have a 45% voting interesting in Qunar, while Baidu, which controls Qunar, will...

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