Page 21 - bne_newspaper_July_05_2019

bne Tech
July 5, 2019 www.intellinews.com I Page 21
Owner of “Chinese Skyscanner” Ctrip buys Russian peer Avia Center
Chinese online booking major Ctrip acquired
a minority stake in Russian peer online flight search and booking service Avia Center, Vedomosti daily reported on June 30 citing unnamed representatives of the company and investment bank Aspring Capital.
Reportedly, Ctrip acquired a 25% stake in Avia Center for an undisclosed amount, which is esti- mated at about $5mn-$7.5mn and could poten- tially consolidate 100% in the Russian company. Data Insight estimates that Russian e-travel market soared 12-fold to RUB850bn in the past eight years and gained 23% in 2018 alone.
Avia Center was founded in 2005 by Sergey Bogachev and Alexander Grigoryev, who control 25% and 75% stakes in the company, respectively. The service has b2b partnerships with over 3,000 tour operators in Russia and CIS, while having retail point partnerships with MTS and Tele2 mobile operators and Russian Post branches.
Ctrip has capitalisation of $20.5bn and is one of the largest online booking agencies in the world and the largest in China. Ctrip owns Scottish Skyscanner, American-based travel site Tours4fun, travel research site Trip.com and Trip by Skyscanner, among others.
Read the full story here
bne Tech
We have launched a new publication bneTech
A FREE newsletter covering technology, blockchain, ICOs, TMT and all aspects of the "new economy" in Emerging Europe, Central Asia and MENA.
*Please note by clicking the button you give permission for bne to send you e-mails as per the EU's GDPR rules.
SIGN UP HERE