Baidu now a majority shareholder in travel search engine
June 30, 2011 | BY
clpstaff &clp articlesChinese Internet giant, Baidu has purchased a majority stake in Chinese travel search engine, Qunar for US$306 million. The transaction is subject to closing…
Chinese Internet giant, Baidu has purchased a majority stake in Chinese travel search engine, Qunar for US$306 million. The transaction is subject to closing conditions and will close in the third quarter of this year.
Baidu is the Mainland's largest Chinese-language online search provider. Qunar offers real-time searches on flights, hotels and packages.
A Davis Polk & Wardwell team, led by Beijing-based Howard Zhang and Hong Kong-based Kirtee Kapoor, advised Baidu. Walkers provided Cayman Islands law advice and Haiwen & Partners acted as Baidu's PRC legal counsel. Qunar was represented by Gunderson Dettmer, TransAsia Lawyers as to PRC law aspects, and by Maples and Calder as to Cayman Islands law.
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