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Baidu.com Takes Majority Stake In Chinese Travel Website [chinatechnews.com]
Chinese search engine Baidu.com announced that is plans to make a USD306 million investment in Qunar.com, a Chinese travel search engine.
The investment will make Baidu the majority shareholder of Qunar, which offers Chinese consumers real-time searches for air and rail tickets, hotels, and tour packages.
The parties currently expect that the transaction will close in the third quarter of 2011. After the investment, Qunar will continue to operate as an independent company, while both companies will cooperate in certain areas of online travel search.