By Dave Sebastian

 

Trip.com Group Ltd. has been approved to sell a portion of its holdings in Tripadvisor Inc., comprising about 6.95 million shares as of April 16, to meet corporate needs, the companies said.

The waiver under the governance agreement is part of an expansion of Trip.com and Tripadvisor's partnership first announced in November 2019, the companies said Tuesday. Trip.com Chief Executive Jane Sun will continue serving on the Tripadvisor board, the companies added.

The companies said Trip.com will initially provide access to preferential pricing on at least 10,000 properties for the benefit of Tripadvisor Plus, a direct-to-consumer subscription service. The collaboration, to be launched later this year, could expand over time, the companies said.

The companies said Ctrip Investment Holding Ltd., a subsidiary of Trip.com and Tripadvisor unit Tripadvisor Singapore Private Ltd., will continue to partner on the joint venture that serves travelers in mainland China.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

June 01, 2021 09:34 ET (13:34 GMT)

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