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TripAdvisor (TRIP) Stock Spikes on Priceline Partnership

NEW YORK (TheStreet) -- Shares of TripAdvisor (TRIP - Get Report) were gaining by 22.8% to $81.90 on heavy trading volume on Wednesday morning, after the online travel company announced a new partnership with The Priceline Group (PCLN).

Under the new partnership some Priceline online travel brands, including Booking.com, will use TripAdvisor's instant booking platform. More brands such as priceline.com and Agoda.com will likely use the platform in the future, the two companies said.

Priceline hotel properties are expected to be available on the instant booking platform soon.

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"Having The Priceline Group join the instant booking platform is a huge win for travelers and we couldn't be more thrilled to have them as our first strategic, global online travel agency partner," TripAdvisor President and CEO Stephen Kaufer said in a statement. "Millions of TripAdvisor users coming to the site to plan, compare prices and book their trip will be able to instantly book options from The Priceline Group's global hotel inventory in addition to the 235,000 properties that are already instantly...


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