NASDAQ-listed Qunar Cayman Islands, a Chinese mobile and online travel platform, announced on Wednesday that it has entered into a definitive merger agreement to be acquired by Ocean Management Holdings.
The deal puts Qunar's equity value at approximately $4.4 billion, also representing a premium of about 15 percent to the closing price of its American depositary shares on June 22, the last trading day prior to the company's announcement of a potential merger proposal, according to a statement Qunar released on Wednesday.
It also said the merger is expected to close during the first half of 2017 and is subject to customary closing conditions including shareholders' approval.
The transaction marks the second U.S.-listed Chinese online travel company to be targeted for privatization this year, following eLong's merger with China E-Dragon Holdings in June.
