NEEDHAM, Mass. and SHANGHAI, June 1,
2021 /PRNewswire/ -- Trip.com Group Limited (Nasdaq:
TCOM) ("Trip.com") and Tripadvisor, Inc. (Nasdaq: TRIP)
("Tripadvisor") today announced an expansion of the strategic
partnership first announced in November
2019, including a new commercial arrangement and waiver
under the Governance Agreement.
Trip.com and Tripadvisor have agreed to expand their strategic
partnership to include Tripadvisor Plus. Initially, Trip.com will
provide access to preferential pricing on at least 10,000
properties to benefit the Tripadvisor Plus offering, Tripadvisor's
new, direct-to-consumer subscription service. This collaboration,
to be launched later this year, is expected to be expanded over
time.
Concurrently, Trip.com has been granted approval under the
Governance Agreement to sell a portion of its holdings in
Tripadvisor, which at April 16, 2021
consisted of approximately 6.95 million shares, to meet its
corporate needs. Sales by Trip.com are expected to occur in
multiple tranches throughout 2021. Trip.com has relinquished its
contractual right under the Governance Agreement to nominate a
director to the Tripadvisor board of directors, which position has
been held by Trip.com Group CEO, Jane
Sun. As an indication of the commitment to the ongoing
relationship between the companies, Ms. Sun will continue to serve
on the Tripadvisor board, subject to the typical shareholder voting
process.
Ctrip Investment Holding Ltd., a subsidiary of Trip.com and
Tripadvisor's subsidiary, Tripadvisor Singapore Private Limited,
will continue to partner on their joint venture that serves
travelers throughout mainland China.
"We continue to value our strategic partnership with Trip.com,
inclusive of our joint venture in China, and appreciate Jane's ongoing
contributions to our Board," said Stephen
Kaufer, president and chief executive officer, Tripadvisor.
"We are pleased to deepen our relationship through Tripadvisor
Plus. We are excited about the initial launch, and we look forward
to expanding Trip.com's presence on our platform over time."
"Tripadvisor remains a great partner for Trip.com," said
Jane Sun, CEO of Trip.com Group. "We
are very excited about continuing this strategic partnership, which
will undoubtedly further enhance the travel experience for our
customers worldwide."
About Trip.com
Trip.com is a leading one-stop travel service provider
comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its
platforms, Trip.com enables local partners and travelers around the
world to make informed and cost-effective bookings for travel
products and services, through the aggregation of comprehensive
travel-related information and resources, and an advanced
transaction platform consisting of mobile apps, websites and 24/7
customer service centers. Founded in 1999 and listed on NASDAQ in
2003, Trip.com has become one of the best-known travel brands in
the world, with the mission of "pursuing the perfect trip for a
better world".
About Tripadvisor
Tripadvisor, the world's largest travel guidance platform*,
helps hundreds of millions of people each month** become better
travelers, from planning to booking to taking a trip. Travelers
across the globe use the Tripadvisor site and app to discover where
to stay, what to do and where to eat based on guidance from those
who have been there before. With more than 887 million reviews and
opinions of nearly 8 million businesses, travelers turn to
Tripadvisor to find deals on accommodations, book experiences,
reserve tables at delicious restaurants and discover great places
nearby. As a travel guidance company available in 49 markets and 28
languages, Tripadvisor makes planning easy no matter the trip
type.
The subsidiaries of Tripadvisor, Inc. (NASDAQ: TRIP), own and
operate a portfolio of online travel brands and businesses,
operating under various websites and apps, including the following
websites:
www.bokun.io, www.cruisecritic.com, www.flipkey.com,
www.thefork.com (including www.lafourchette.com, www.eltenedor.com,
www.bookatable.co.uk, and www.delinski.com), www.helloreco.com,
www.holidaylettings.co.uk, www.housetrip.com, www.jetsetter.com,
www.niumba.com, www.seatguru.com, www.singleplatform.com,
www.vacationhomerentals.com, and www.viator.com.
* Source: SimilarWeb, unique users de-duplicated monthly,
March 2021
** Source: Tripadvisor internal log file
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.
Source: TRIP-G
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SOURCE Tripadvisor