NEEDHAM, Mass. and SHANGHAI, Nov. 6,
2019 /PRNewswire/ -- Trip.com Group Limited (Nasdaq:
TCOM) ("Trip.com Group", formerly known as Ctrip.com International
Ltd. (Nasdaq: CTRP)) and TripAdvisor, Inc. (Nasdaq: TRIP)
("TripAdvisor") today announced a strategic partnership to expand
global cooperation, including a joint venture, global content
agreements and a governance agreement.
First, Ctrip Investment Holding Ltd., a subsidiary of Trip.com
Group has entered into a joint venture with TripAdvisor's
subsidiary TripAdvisor Singapore Private Limited. Trip.com Group
will be the majority shareholder of the new joint venture entity
and will contribute cash and market expertise. TripAdvisor will own
40% of the joint venture and will contribute a long-term exclusive
brand and content license and other assets of its China business. Both companies have agreed to
share inventories in travel categories at the joint venture level.
The joint venture will operate globally as TripAdvisor China.
Second, Trip.com Group and TripAdvisor have entered into global
content agreements providing for distribution of selected
TripAdvisor content on major Trip.com Group brands, including
Trip.com, Ctrip, Skyscanner and Qunar.
Furthermore, Trip.com Group and TripAdvisor also entered into a
Governance Agreement pursuant to which Trip.com Group will have a
nomination right for one TripAdvisor, Inc. Board seat commencing
upon the relevant regulatory bodies' approvals of the transaction.
To maintain the Board seat, Trip.com Group shall acquire up to 6.95
million TripAdvisor shares or TripAdvisor shares valued at
USD317.6 million through open market
transactions within one year following regulatory approvals.
TripAdvisor and its controlling shareholder Liberty TripAdvisor
Holdings, Inc. ("LTRP") have separately agreed to provide Trip.com
Group with certain information rights with respect to potential
transactions for the sale of TripAdvisor Class B shares or LTRP
Series B shares, respectively.
The broad strategic partnership pairs Trip.com Group's market
leadership in travel booking capabilities and China travel market expertise with
TripAdvisor's unique brand strength, rich global user-generated
content, and points-of-interest database, as well as best-in-class
in-destination supply. The strategic partnership marks an important
step for Trip.com Group to realize its globalization vision with
greater quality services, and for TripAdvisor to further strengthen
its position as a global travel leader.
"We are pleased to announce this strategic partnership with
Trip.com Group to expand TripAdvisor's global reach and also help
outbound Chinese travelers plan more meaningful trips," said
Stephen Kaufer, president and chief
executive officer, TripAdvisor. "China is one of the largest and fastest
growing travel markets in the world. Trip.com Group, with its
established brands and travel market leadership, is the perfect
partner to help us achieve our long-term goals in the region."
"TripAdvisor is a leading global travel platform and an ideal
partner for Trip.com Group," said Jane
Sun, CEO of Trip.com Group. "As we expand our footprint
overseas, it is important that we offer not only seamless access to
global travel inventory, but also quality reviews, opinions and
pictures generated by other fellow travelers. We are very excited
about this strategic partnership, which will undoubtedly further
enhance the travel experience for our customers worldwide."
About Trip.com Group
Trip.com Group Limited (Nasdaq:
TCOM) is a leading one-stop travel service provider consisting of
Trip.com, Ctrip, Skyscanner and Qunar. Across its platforms,
Trip.com Group enables local partners and travelers around the
world to make informed and cost-effective bookings for travel
products and services, through aggregation of comprehensive
travel-related information and resources, and an advanced
transaction platform consisting of mobile apps, Internet websites,
and 24/7 customer service centers. Founded in 1999 and listed on
Nasdaq in 2003, Trip.com Group has become one of the largest travel
companies in the world in terms of gross merchandise value.
About TripAdvisor
TripAdvisor (NASDAQ:TRIP), the
world's largest travel platform*, helps nearly 460 million
travelers each month** make every trip their best trip. Travelers
across the globe use the TripAdvisor site and app to browse more
than 830 million reviews and opinions of 8.6 million
accommodations, restaurants, experiences, airlines and cruises.
Whether planning or on a trip, travelers turn to TripAdvisor to
compare low prices on hotels, flights and cruises, book popular
tours and attractions, as well as reserve tables at great
restaurants. TripAdvisor, the ultimate travel companion, is
available in 49 markets and 28 languages.
The subsidiaries and affiliates of TripAdvisor, Inc. own and
operate a portfolio of websites and businesses, including the
following travel media brands: www.airfarewatchdog.com,
www.bokun.io, www.bookingbuddy.com, www.cruisecritic.com,
www.family vacation critic.com, www.flipkey.com,www.thefork.com
(including www.lafourchette.com, www.eltenedor.com, and
www.restorando.com), www.holidaylettings.co.uk, www.holiday
watchdog.com, www.housetrip.com, www.jetsetter.com, www.niumba.com,
www.onetime.com, www.oyster.com, www.seatguru.com,
www.smartertravel.com, www.tingo.com, www.vacationhomerentals.com
and www.viator.com.
*Source: Jumpshot for TripAdvisor Sites, worldwide, June 2019
** Source: TripAdvisor internal log files, average monthly unique
visitors in Q3 2019
Safe Harbor Statement
Statements in this press release regarding management's future
expectations, beliefs, intentions, goals, strategies, plans or
prospects, including, without limitation, statements relating to
TripAdvisor's future financial performance on both a GAAP and
non-GAAP basis, and TripAdvisor's prospects as a
comprehensive destination for hotels, experiences, and restaurants,
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. Forward-looking statements can be identified by
terminology such as "anticipate," "believe," "could," "could
increase the likelihood," "estimate," "expect," "intend," "is
planned," "may," "should," "will," "will enable," "would be
expected," "look forward," "may provide," "would" or similar terms,
variations of such terms or the negative of those terms. Investors
are cautioned that statements in this press release, which are not
strictly historical statements, including, without limitation,
statements by our executive officers with respect to growth
objectives, strategic investments, and statements regarding
management's plans, objectives and strategies, constitute
forward-looking statements. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors including
those risks, uncertainties and factors detailed in TripAdvisor's
filings with the SEC. As a result of such risks, uncertainties and
factors, TripAdvisor's actual results may differ materially from
any future results, performance or achievements discussed in or
implied by the forward-looking statements contained herein.
TripAdvisor is providing the information in this press release as
of this date and assumes no obligations to update the information
included in this press release or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
TRIP-G
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SOURCE TripAdvisor