Ctrip Spreads Wings, Buys Travel Site Skyscanner

(Beijing) — Ctrip said it will buy British travel and tourism search site Skyscanner for up to 1.4 billion pounds ($1.7 billion) in what would be the largest overseas purchase for China's leading online travel agency.

Under the deal, which is slated to close by the end of December, Ctrip said it will buy Skyscanner shares from a majority of the private company's stockholders, based on a valuation of 1.4 billion pounds. It's also offering to buy Skyscanner's remaining shares from other investors, Ctrip said, without giving specifics.