wordpress blog stats
Connect with us

Hi, what are you looking for?

Ctrip acquires UK based Skyscanner for $1.7 billion

plane-travel-flight-free

Chinese online travel agency Ctrip has acquired Skyscanner, a UK based flight search engine company for £1.4 billion or $1.74 billion in cash, ordinary shares and loan notes. Ctrip says that the acquisition will help it in long term growth and will use its own resources to help Skyscanner.

Ctrip will get all of Skyscanner’s shares and acquire the remaining shares from other shareholders. The acquisition is expected to be closed by the end of this year. According to a TechCrunch report, Ctrip’s Q3 2016 revenues were $810 million, up 75% year on year, and at a net profit of $4 million. Ctrip also raised $1 billion via convertible notes.

Post the Ctrip acquisition, Skyscanner will operate independently under its present management team. It claims to have 60 million monthly active users (MAUs) and is available in 30 languages. The company claims to have a growing presence in Asia Pacific and the Americas, given that it operates in the UK and Europe primarily.

At the start of this year, Skyscanner had raised $192 million from Khazanah Nasional Berhad and Yahoo! Japan among other investors, for expansion to other markets around the world and for acquisitions. In June last year, TripHobo partnered with Skyscanner to allow users to compare prices of hotels, flights and car rentals. Skyscanner lets users search for flights, hotels and car hires in over 20 countries. In India, the platform also lets users book buses in partnership with redBus.

Ctrip’s MakeMyTrip investment

Advertisement. Scroll to continue reading.

Note that in January this year, Ctrip invested $180 million in MakeMyTrip raised in convertible bonds. Ctrip also bought MakeMyTrip’s shares from the open market and would effectively own 26.6% of MakeMyTrip’s stock. Ctrip also appointed a director to the MakeMyTrip board. In a related development, last month, MakeMyTrip merged with GoIbibo in a consolidation of the two largest online travel players in India. In February, Ibibo Group had raised $250 million from Naspers and Chinese internet company Tencent.

Meanwhile, Yatra Online Inc has applied for an IPO in the US, according to this VCCircle report.

Recent online travel related developments in India:

Last month, Goibibo launched live flight tracking for over 1,800 international and national daily flight schedules. In the same month, Cleartrip launched a ‘price lock’ feature which let its users lock a flight booking price to basically. In July, Oyo Rooms tied up with Travelport to list 6,000 Oyo properties on the latter. In the same month, Via.com tied up with Ola to let its users book Ola rides for local and outstation travel.

Advertisement. Scroll to continue reading.
Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ