Tencent And Expedia Invest $126 Million In Chinese Online Travel Marketplace eLong

Chinese internet giant Tencent and U.S. travel bookings company Expedia have invested in Chinese travel site eLong , totaling $126 million. Tencent has acquired approximately 16% of the outstanding shares for a total purchase price of $84.4 million and becomes the second largest shareholder of eLong. Expedia has acquired approximately 8% of the outstanding shares for $41.2 million, holds 56% of the outstanding shares (Expedia held a a previous investment in eLong), making the company the largest shareholder in eLong.