MakeMyTrip buys Ibibo

MakeMyTrip buys Ibibo

Posted by Naveen on October 22nd 2016

In one of the biggest consolidation moves in India, online travel firm MakeMyTrip has agreed to buy the rival Ibibo Group, which is co-owned by South African technology group Naspers Ltd and Chinese investment firm Tencent who jointly hold a 91% and 9% stake in Ibibo respectively. The transaction is expected to close by the end of of this year after the approval by MakeMyTrip shareholders and regulatory approvals.

 

The deal will bring all brands of the Ibibo Group such as Goibibo, RedBus, Ryde and Rightstay under MakeMyTrip. Together, Ibibo and MakeMyTrip processed 34.1 million transactions in 2015-16.

Founder and chief executive of ibibo Group, Ashish Kashyap, will join MakeMyTrip's executive team comprising of Deep Kalra, the group chief executive and executive chairman and co-founder Rajesh Magow chief executive of MakeMyTrip Group. This  merger in a stock transaction, represents the coming together of two of India's largest travel booking portals into consolidated largest online travel portal in India and it is believed that the entire transaction would be worth more than $2 Billion

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