Portal eLong buys Asia.com

The management of mainland portal eLong.com has reportedly bought the business back from United States owners Easylink. According to a report in the China Daily , the group paid US$3 million in cash and liabilities with the help of a US$10 million fund from US Federated Investors and Hong Kong Billable Development. Easylink, formerly known as Mail.com, bought the portal for US$68 million in March last year. The US firm merged eLong.com with Asia.com, established with an additional investment of US$25 million.Asia.com has been for sale since last November. After months of talks, the collapsing Mail.com agreed to sell all of Asia.com's mainland businesses to eLong's new management team.