Travel websites operator Priceline Group Inc will invest an additional $250 million in Chinese online travel company Ctrip.com International to tap the fast-growing China market.
Ctrip will issue convertible bonds to Priceline for the investment, the two companies said in a joint statement on Tuesday. Priceline held about 5 percent in Ctrip as of November 4.
Priceline, which invested $500 million in Ctrip in 2014, said its stake in the Chinese company would rise to about 15 percent after the conversion of the total bonds issued for the two investments.
