Austin, TX 11/21/11 (StreetBeat) --Expedia Inc. (Nasdaq: EXPE) has purchased Renren Inc.'s interest in Chinese online travel company eLong Inc. (Nasdaq: LONG) for about $72.4 million, the companies said Monday.Expedia, an online travel company based in Bellevue, Wash., said it purchased the stake because it sees China as a key market in its overseas expansion efforts.
Expedia already has an interest in eLong but the news release didn't say how large its stake was nor how large the stake was that it is acquiring from Renren. An email to Expedia before business hours didn't elicit an immediate response.
Renren, a Chinese social network operator, said it will continue to work with eLong on joint projects. Earlier this month Renren reported a loss in the third quarter as expenses more than doubled, offsetting a sharp rise in revenue.
Shares of eLong are trading up 13% at $15.80 following the news.
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