Baidu Invests $306M for Chinese Travel Site Qunar--CORRECTED

Baidu has paid $306 million to buy Chinese travel site Qunar, the company announced Friday. Formed in 2005, Qunar sealed at least $25 million from investors including GSR Ventures, Mayfield Fund, Tenaya Capital and GGV Capital. The company’s site provides real-time searches for air and rail tickets, hotels, and tour packages. The deal is expected to close in the third quarter of 2011.

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