Update: priceline Flying Higher After Cheung Kong, Hutchison Deal - TheStreet

(Updated from 8:57 a.m. ET)

Shares of

priceline.com

(PCLN)

gained more ground at midday, after rising sharply in

Instinet

action before the opening bell, following news that two Hong Kong conglomerates plan to boost their stakes in the online seller of discounted airline tickets and hotel rooms.

priceline climbed 21% to $6.59 in recent

Nasdaq activity. The stock closed the regular session Tuesday at $5.45.

Cheung Kong

and

Hutchison Whampoa

plan to purchase 25 million additional priceline.com common shares from priceline founder Jay Walker and his trust. The companies also will get two additional seats on priceline's board.

Cheung Kong and Hutchison will now own, together, about 30% of priceline, which is based in Norwalk, Conn.