Expedia Reaches Record After Selling Stake in China’s ELong

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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.

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