Baidu selling third of Ctrip stake for $1B

Thursday, 26. September 2019 12:17

Baidu Inc. is selling a third of its shares in Ctrip.com International Ltd. for approximately $1 billion, the companies reported on Thursday.

Baidu, which is the biggest shareholder in Ctrip with a 19% stake, is selling 31.3 million American Depositary Shares (ADS), each representing 0.125 ordinary shares of the online travel firm. Underwriters will have an option to buy up 4.7 million additional ADS.

The Chinese tech giant recently renewed its cooperation with Snap Inc., while also forming a joint venture with Toyota and Zhejiang Geely aimed at the development of self-driving vehicles.

Related Links: Baidu Inc.
Author:
Breaking the News / MD