Ctrip.com International Ltd. acquired 48.41% stake in Qunar Cayman Islands Limited from Baidu Holdings Limited for $3.4 billion.
Four representatives, including James Jianzhang Liang and Jane Jie Sun, Chairman and Chief Executive Officer, and Co-president and Chief Operating Officer of Ctrip, respectively, have been appointed to Qunar's Board of Directors, and Robin Li and Tony Yip, Chairman and Chief Executive Officer, and Vice President, head of investments, mergers and acquisitions of Baidu, respectively, have been appointed to Ctrip's Board of directors. James Jianzhang Liang, Jane Jie Sun, Maria Maohua Sun and Xing Xiong have been appointed to the Board of Qunar. Helen He, Liang Zeng, Yuming He and Fang Wei have stepped down from the Board. Williams Capital Advisors, LLC acted as financial advisor to Baidu and JPMorgan Chase Bank (China) Company Limited acted as financial advisor to Ctrip. The Goldman Sachs Group, Inc. acted as the financial advisor for Qunar. Greg Liu of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Han Kun Law Offices acted as legal advisor for Baidu. Z. Julie Gao, Michael V. Gisser, Daniel Dusek and Haiping Li of Skadden, Arps, Slate, Meagher & Flom acted as legal advisors for Ctrip.com International.
Ctrip.com International Ltd. (NasdaqGS:CTRP) completed the acquisition of 48.41% stake in Qunar Cayman Islands Limited (NasdaqGM:QUNR) from Baidu Holdings Limited on October 26, 2015.