Shulou(Shulou.com)11/24 Report--

CTOnews.com, October 23, the same trip announced that it had signed an agreement to acquire a 100% stake in the same journey (formerly Wanda Travel) at a cost of 691150000 yuan.

CTOnews.com notes that the funds are paid in three installments in accordance with the terms and conditions of the equity transfer agreement:

The first payment: RMB 207345000, which has been paid by the investor to the seller in accordance with the terms of this letter of intent of RMB 70000000 as at the date of this announcement, and will be paid in cash within 10 days after the following conditions are fulfilled (or waived), including:

Continue to meet the prerequisites

The relevant members of the target group have urged: to rescind any pre-existing guarantee; and to revoke the relevant business license in accordance with the laws and regulations of use; and there are no outstanding or potential disputes.

Second payment: RMB 414690000, to be paid in cash within five days after delivery

The third payment: RMB 69115000, which shall be paid in cash within 15 days after the following conditions are met (or exempted), including:

Continue to meet the prerequisites

The seller and the target company have urged the relevant operating companies to complete the relevant registration and ╱ or record with the tourism management department on the change of shareholders, legal representatives or business premises operated by their respective travel agencies.

The seller and the target company have urged all relevant operating companies to be fully protected by travel agency liability insurance.

The seller and the target company have urged the relevant parties to execute and deliver the non-competitive undertaking in a manner approved by the investor.

It is understood that the same trip has a number of regional leading travel agencies, mainly engaged in domestic tourism, outbound travel and inbound tourism, covering Jiangsu, Zhejiang, Guangdong, Fujian, Jiangxi, Shandong, Anhui, Beijing, Hubei, Hunan and other core sources and destinations for leisure vacations. The same travel industry has more than 500 offline stores nationwide, serving more than 10 million tourists in 2019.

The person in charge of the same trip said: "the acquisition of the same travel industry will further enhance the supply chain and service capacity of the same trip, and enhance the company's business layout in the leisure and vacation market."

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