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Rumor: Expedia Acquisition to Exceed $12m
Expedia (Nasdaq:EXPE) travel review site TripAdvisor Media Network (tripadvisor.com) is expected to pay "far more" than $12 million to acquire Chinese travel site Kuxun.com, a Kuxun.com public relations employee told Sina.com on October 30. The employee did not reveal the exact sum, Sina said. Sohu.com reports earlier that day quoted an insider as saying that TripAdvisor may pay $12 million to acquire Kuxun.com, which was formerly called Kooxoo.com.
TripAdvisor CEO Stephen Kaufer said that the company plans to invest $50 million in China by the end of 2011, including its purchase of Kuxun.com and additional staff recruitment, but he declined to reveal the acquisition amount, according to an interview published by Dow Jones Newswires on Friday.
TripAdvisor launched its Chinese-language site, Daodao.com, in April. Kunxun.com announced its shift from a classified ads site to a travel service site in June.
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