(Image credit: SKYSCANNER/BBC)

Skyscanner sold to China travel firm Ctrip in £1.4bn deal

Skyscanner, the UK-based travel search business, has been bought by Ctrip, China's biggest online travel firm.

The deal values Skyscanner at about £1.4bn ($1.75bn).

The firm, which has its headquarters in Edinburgh, is available in more than 30 languages, with about 60 million monthly active users.

It was set up to let users compare prices from different travel sites when searching for flights, hotels, and rental cars.

Skyscanner said it would continue to run independently, with the same management team.

The news of the deal comes just hours after Chancellor Philip Hammond promised £400m to help Britain's successful digital start-ups avoid being snapped up by larger rivals.

"I am taking a first step to tackle the long-standing problem of our fastest growing technology firms being snapped up by bigger companies, rather than growing to scale," Mr Hammond said in his Autumn Statement.

'Powerful technology'

Ctrip was founded in 1999 and is one of China's best-known travel businesses.

The deal would "strengthen long-term growth drivers for both companies," said James Jianzhang Liang, co-founder and executive chairman of Ctrip.

"Skyscanner will complement our positioning at a global scale and Ctrip will leverage our experience, technology and booking capabilities to Skyscanner's," he added.

Skyscanner was set up in 2003, and...Read more...

Source: bbc.com