Ctrip.com International Ltd, China's largest online travel agency, acquired a 45 percent aggregate voting interest in Qunar Cayman Islands Ltd. through a share exchange with Baidu Inc. on Monday.
Qunar is the second largest online travel agency in China and was held by Baidu.
Once the transaction is complete, Baidu will also own ordinary shares in Ctrip representing 25 percent of Ctrip's aggregate voting interest.
Four senior managers from Ctrip, including president Liang Jianzhang and co-president Su Jie, have been appointed to Qunar's board, and two senior managers from Baidu, chairman Li Yanhong and vice president Ye Zhuodong, have been appointed to Ctrip's board.
Baidu and Ctrip have also agreed to cooperate across a broad base of products and services, Ctrip said.
"Baidu expects to continue its existing business cooperation with Qunar," said the Ctrip statement.
Contact the writer at wangwen@chinadaily.com.cn
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