Chinese online travel company buys Skyscanner

Ctrip International, the Chinese online travel service provider, has agreed to buy Skyscanner, the airfare comparison web site, for approximately 1.4 billion Pounds, according to the Financial Times. Ctrip, which is listed on the Nasdaq, said in a statement it has signed a definitive agreement with the majority shareholders of Edinburgh-based Skyscanner Holdings, with the purchase consideration consisting mainly of cash. Skyscanner’s board of directors have approved the transaction, subject to the usual approvals, and the deal is expected to be completed by the end of the calendar year. The company’s management team will continue to manage Skyscanner’s operations independently as part of the Ctrip group. The deal is the latest in a wave of offshore acquisitions by Chinese companies, which have had varying degrees of success.