Edinburgh-based Skyscanner, which raised $192m in January, is set to be acquired by Ctrip, a Chinese listed travel company.
According to a statement, a definitive agreement has been reached by Ctrip and the majority of Skyscanner’s shareholders, which include Scottish Equity Partners (SEP). The transaction is set to complete before the end of this year.
Skyscanner, which has raised $197.19m to date and is valued at approximately £1.4bn, will continued to be run by its current management team and will remain headquartered in Scotland.
Gareth Williams, co-founder and Chief Executive Officer of Skyscanner, said: “Ctrip and Skyscanner share a common view – that organising travel has a long way to go to being solved. To do so requires powerful technology and a traveler-first approach.
“In taking the next step to achieving our goal, Skyscanner will remain operationally independent and our growing global team will continue to innovate and deliver the products travelers know and love. It’s an exciting time for our business, our partners and the travelers who use us,” he added.
Speaking about the acquisition, James Jianzhang Liang, co-founder and executive chairman of Ctrip, said he was excited to welcome the Scotland-based company to the group.
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“Ctrip and Skyscanner share the same passion and dedication in providing travelers around the world with better services. This acquisition will strengthen long-term growth drivers for both companies.”
Calum Paterson, managing partner of SEP – Skyscanner’s lead investor in its £2.5m Series A round – and member of the firm’s board of directors, commented on the deal.
“Ctrip is the ideal partner to enable the company to extend its global reach, grow even more rapidly and continue to deliver a fantastic product that is greatly admired by travellers across the world. We are particularly pleased that Skyscanner will continue to be headquartered in Edinburgh and to operate independently,” he said.