Shares of Expedia Inc. climbed to a record after the online travel-booking company sold its stake in China-based ELong Inc.
The stock rose 6.7 percent to close at $113 on Friday, its high since Expedia was spun off from IAC/InterActiveCorp in 2005.
Expedia, which owns websites including Trivago and Hotels.com, sold its 62.4 percent stake in the Chinese online travel firm, the Bellevue, Washington-based company said in a statement Friday.
China-based Ctrip.com International Ltd. said it bought a 37.6 percent stake for about $400 million. Other buyers included Keystone Lodging Holdings Ltd., Plateno Group Ltd. and Luxuriant Holdings Ltd. The total purchase price was about $671 million, Expedia said.
Expedia and Ctrip.com said they would cooperate to provide their customers with services in certain geographic markets.