30/10/2014 21:24:50 Free Membership Login

MakeMyTrip Limited Announces Acquisition of Majority Interest in ITC Group

Date : 11/27/2012 @ 1:25AM
Source : PR Newswire (US)
Stock : Makemytrip Limited - Ordinary Shares (MM) (MMYT)
Quote : 28.09  0.0 (0.00%) @ 2:08PM
MakeMyTrip share price Chart

MakeMyTrip Limited Announces Acquisition of Majority Interest in ITC Group

MakeMyTrip (NASDAQ:MMYT)
Historical Stock Chart

2 Years : From Oct 2012 to Oct 2014

Click Here for more MakeMyTrip Charts.
MakeMyTrip Limited Announces Acquisition of Majority Interest in ITC Group

NEW DELHI and NEW YORK, Nov. 26, 2012 /PRNewswire/ -- MakeMyTrip Limited (Nasdaq:MMYT), India's leading online travel company and the parent company of MakeMyTrip (India) Private Limited and  MakeMyTrip.com Inc. today announced that it acquired an effective majority equity interest in a group of companies known as the "ITC Group".  The ITC Group comprises of International Tour Center Co. Ltd., ITC Bangkok Co. Ltd. and ITC South Co. Ltd.  Pursuant to the transaction documents signed with the ITC Group and its existing shareholders, MakeMyTrip paid USD 2.2 million to the existing shareholders for the sale of their shares in the ITC Group and paid USD 1 million for subscription of new shares in the ITC Group.  MakeMyTrip will also acquire the remaining shares of the ITC Group from the existing shareholders in cash, payable in four tranches, over an earn-out period ending December 2016, at such price based on valuation linked to the future profitability of the ITC Group.

ITC Group is a well-established hotel aggregator and tour operator for Thailand.  The ITC Group has relationships with a number of hotels and other local vendors in Thailand to provide hotel reservations, excursion tours and other travel related services for inbound and outbound travellers in Thailand and the South East Asia region.  The acquisition will help MakeMyTrip further expand its presence in Thailand, a key market for its outbound holidays business, by establishing more direct hotel relationships in the country.

Thailand is an important outbound travel destination from India and has accounted for approximately one million Indian visitors this year.  Airlines in India, including low cost carriers, are aligning their fleet for direct flights from various cities in India to Thailand.  MakeMyTrip believes that these developments are positioning travel and tourism to Thailand for strong growth by making travel to the country easily accessible and affordable to the middle class in India.

About MakeMyTrip Limited and MakeMyTrip.com

MakeMyTrip Limited (the "Company") is the parent company of MakeMyTrip (India) Private Limited, India's largest online travel company and MakeMyTrip.com Inc.  The Company's services and products include air tickets, domestic and international holiday packages, hotel bookings, railway tickets, bus tickets, car hire and facilitating access to travel insurance. Through its primary website, www.makemytrip.com, and other technology-enhanced platforms, the company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, over 10,300 hotels and guesthouses in India and a wide selection of hotels outside India, Indian Railways and several major Indian bus operators.

MMYT-G

For further information, please contact:  

Jonathan Huang
MakeMyTrip Limited
Director of Investor Relations
+1 (646) 405-1311
jonathan.huang@makemytrip.com  

SOURCE MakeMyTrip Limited

Copyright 2012 PR Newswire



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 in 141030 21:24