China’s Addor Capital to buy assets from travel site eLong
Addor Capital, a private equity firm owned by China’s Govtor Capital, has agreed to buy a subsidiary of US-listed online travel site eLong for RMB76.5 million ($12.2 million).
According to a filing, Addor Capital will acquire 90% of Nanjing Xici Information Technology, which operates an online travel forum. The remaining shares will be held by Nanjing Xici's employees.
The transaction is expected to close in the fourth quarter this year.
Listed in the US since 2004, eLong operates an online platform for travelers to book hotels and other accommodations in China, as well as air tickets. Its largest shareholders are Expedia and Tencent Holdings. The company previously raised capital from Blue Ridge and Tiger Global.
Founded in 1992, Addor has over RMB30 billion in assets under management. The GP claims to have received commitments from 200 Chinese and international institutional investors. They include Singapore's Temasek Holdings, the National Pension Service of Korea, public companies, local governments and family offices. The firm also raised capital from high net worth individuals.
Addor invests Chinese companies across the cleantech, healthcare, technology, media and telecom, advanced manufacturing, new materials and consumer sectors, participating at various funding stages.
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