Skyscanner sold in Scotland’s biggest corporate deal of 2016

The deal, which was announced on the US Stock Exchange last night, will see Skyscanner sold to China’s largest travel agency for £1.4 billion.

Skyscanner said it would continue to run independently, with the same management team.

The deal would “strengthen long-term growth drivers for both companies,” said James Jianzhang Liang, co-founder and executive chairman of Ctrip.

“Skyscanner will complement our positioning at a global scale and Ctrip will leverage our experience, technology and booking capabilities to Skyscanner’s,” he added.

Skyscanner co-founder and chief executive Gareth Williams said the deal took his firm closer to its goal “of making travel search as simple as possible for travellers around the world”.

International law firm Pinsent Masons has advised on the sale of Skyscanner on the sale.

The firm has a long relationship with Skyscanner, which was established in 2001 by entrepreneurs Gareth Williams, Barry Smith and Bonamy Grimes to help travellers compare prices on flights, accommodation and car hire worldwide.

Skyscanner receives over 50 million visitors per month and has an annual turnover of £120 million.

Earlier this year Pinsent Masons advised Skyscanner on the £128m private placement of shares – believed to be the biggest ever by a UK tech company.

The Skyscanner legal team was led by Chief Legal Officer Carolyn Jameson and Senior Legal Counsel Graeme Barron.

The Pinsent Masons team was led by Alan Diamond and Rosalie Chadwick with assistance from a multidisciplinary team including Corporate specialist Jennifer Malcolm and Employee Incentives expert Christine Yuill.

Alan Diamond said: “It has been great to watch Skyscanner grow from a start-up to one of Scotland’s most successful businesses. It’s a tremendous business and proof that entrepreneurship is alive and well in Scotland. CTrip is an impressive business and to have attracted a major Chinese partner demonstrates both the quality of the Skyscanner business and the global reputation for innovation the UK tech sector enjoys. I look forward to seeing the new business go from strength-to-strength, and I have no doubt that this will not be the last time we see partnerships forged between British and Asian tech companies.”

CTrip was advised by Skadden Arps and Travers Smith.