MakeMyTrip Completes ibibo Merger; Gets $82.8m
timesinternet.in Bengaluru: ibibo Group parent has contributed around $82.8 million cash to MakeMyTrip as the latter completes the merger of its Indian travel business with Naspers-owned ibibo Group, nearly three months after the initial announcement. The deal, which marked the coming together of two of India’s largest travel booking portals, was first announced in October last year and had received the approval of Competition Commission of India last fortnight.
At the time, MakeMyTrip had said it plans to close the transaction on or around January 31, 2017. MakeMyTrip said that as part of the transaction, it has issued 38.91-million Class-B shares to the parent of ibibo Group.
These shares are worth about $1.26 billion according to the trading price of $32.5 of the company on Nasdaq on Tuesday morning.
The entity, which is jointly owned by Naspers and Tencent, has also purchased 413,035 new ordinary shares of MakeMyTrip at $21.19 per share for a total cash consideration of $8.75 million. The merger now brings together travel brands like MakeMyTrip, goibibo, redBus, Ryde and Rightstay under a single entity, which together processed 34.1 million transactions during the financial year 2016.
The merger brings together brands like MakeMyTrip, goibibo, redBus, Ryde and Rightstay under a single entity, which processed 34.1 million transactions during FY 2016