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Baidu Exchanges Stake in Qunar for Stake in Ctrip
- Client News
- October 26, 2015
Practices
As reported by The Wall Street Journal and other media outlets, Paul, Weiss client Baidu exchanged its stake in Qunar, one of China's largest online travel companies, for a 25 percent stake in Ctrip, another leading Chinese online travel company. All three companies are listed on the Nasdaq Stock Market. As a result of the transaction, Ctrip will own ordinary shares of Qunar representing approximately 45 percent of Qunar's aggregate voting interest. At a deal value of $3.4 billion, this was the largest transaction in Baidu's history.
The Paul, Weiss team was led by corporate partner Xiaoyu Greg Liu and included corporate partners Jeffrey Marell and John Kennedy.