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Diller's InteractiveCorp Pays $60M For 30% of eLong
Tags: Barry Diller, Ctrip, Expedia, InteractiveCorp, eLong,
Barry Diller's InterActiveCorp announced an agreement to invest US$60 million for a 30 percent stake in Beijing based travel site eLong, Inc. on Monday. An InteractiveCorp release stated that the transaction also included warrants that will allow InteractiveCorp to increase its stake in eLong to 51 percent if exercised. eLong received $15 million in venture financing from Tiger Technology Fund and Blue Ridge Capital in 2003. One analyst Pacific Epoch spoke with put eLong competitor Ctrip's valuation down to the fact that it was perceived as a target for IAC's Expedia - not any more.
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