Oct 10, 2016 03:19 PM

M&A

Wanda Makes Foray into Online Travel Business with Tongcheng Merger

(Beijing) — A popular online travel service provider said it will acquire a dozen travel agencies owned by real estate and entertainment giant Dalian Wanda Group for an undisclosed amount.

A subsidiary of Tongcheng Network Technology Co. Ltd. said it will incorporate 12 travel agencies owned by Wanda Tourism into its business, according to an internal letter from Wu Zhixiang, chief executive of Tongcheng, to his employees on Sunday.

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