Ropes & Gray Advises Online Travel Platform Qunar in Baidu and Ctrip Share Exchange
Ropes & Gray represented Qunar Cayman Islands Limited in connection with the share exchange transaction between Ctrip.com International, Ltd. and Baidu, Inc., in which Baidu exchanged 178,702,519 Class A ordinary shares and 11,450,000 Class B ordinary shares of Qunar owned by Baidu, for 11,488,381 newly-issued ordinary shares of Ctrip. As a result of the transaction, Ctrip will own approximately 45 percent of Qunar, and Baidu will own approximately 25 percent of Ctrip.
Qunar, a subsidiary of Baidu, is a leading mobile and online travel platform in China. Qunar means “where to go” in Mandarin Chinese. Baidu is the leading Chinese language Internet search provider. The transaction was announced Oct. 26.
The Ropes & Gray team included mergers & acquisitions partner James Lidbury (Hong Kong).