Naspers’ Ibibo Group merges with MakeMyTrip Limited 

Following the recent 100% sale of Allegro Group, South Africa’s global Internet and entertainment group, Naspers is doing business yet again.

This time Ibibo Group, which is 91% owned by Naspers and 9% owned by Tencent, will be merged into Nasdaq-listed MakeMyTrip Limited (MMYT) to form the largest travel groups in India.

The deal sees Naspers and Tencent sell 100% of ibibo to MakeMyTrip Limited in exchange for the issuance of new shares by MakeMyTrip Limited.

This makes both companies the single largest shareholder in MakeMyTrip Limited, owning a 40% stake, and will contribute proportionate working capital upon closing.

The merger brings together a bouquet of leading consumer travel brands, including MakeMyTrip, goibibo, redBus, Ryde and Rightstay, and is expected to unlock value for customers, supply partners and shareholders, by combining the complementary strengths of each travel group.

The transaction, which is expected to close by the end of December 2016, is subject to approval by MMYT shareholders and regulatory approvals.

Sponsored Links

Related posts