IAC/InterActiveCorp Completes eLong Warrant Exercise
IAC/InterActiveCorp (NASDAQ: IACI) has successfully completed the purchase of 17,362,134 shares of high-vote ordinary stock of eLong, Inc. (NASDAQ: LONG), a leading online travel service provider in China, for $6.21 per high-vote ordinary share (the equivalent of $12.42 per ADS), or an aggregate cash purchase price of approximately $108 million.
As a result of the purchase, IAC now owns approximately 52% of the outstanding capital stock of eLong (on a fully diluted basis), representing approximately 96% of the total voting power of eLong. IAC's investment in eLong will continue to be managed by IAC Travel -- Asia Pacific, a division of IAC Travel, and its financial results will be consolidated with those of IAC, as part of IAC Travel.
About eLong, Inc.
Founded in 1999, eLong is an independent travel service company headquartered in Beijing with a national presence across China. The Company uses web-based distribution technologies and a 24-hour nationwide call center to provide consumers with consolidated travel information and the ability to access hotel reservations at discounted rates at over 2,600 hotels in major cities across China. The Company also offers air ticketing and other travel related services, such as rental cars, vacation packages and corporate travel services.
eLong operates the websites http://www.elong.com/ and http://www.elong.net/. About IAC/InterActiveCorp
IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
Contact Information: IAC Corporate Communications Deborah Roth 212/314-7254 Andrea Riggs 212/314-7280 IAC Investor Relations Roger Clark Lauren Porat 212/314-7400 (Logo: http://www.newscom.com/cgi-bin/prnh/20031105/NYW076LOGO )
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CONTACT: Deborah Roth, +1-212-314-7254, or Andrea Riggs,
+1-212-314-7280, both of IAC Corporate Communications; Roger Clark or Lauren
Porat, +1-212-314-7400, both of IAC Investor Relations