CCI Approves Chinese Major Ctrip’s Stake Purchase in MakeMyTrip

Loading…

New Delhi: The Competition Commission of India (CCI) has approved the acquisition of additional shares of MakeMyTrip (MMT) by Chinese travel major Ctrip.com International.

According to the notice submitted by the parties to fair trade regulator, the transaction relates to the acquisition of approximately 42.52 per cent equity stake of MMT by Ctrip from MIH Internet Sea Private Limited, owned by South African internet firm Naspers.

Post-transaction, Ctrip.com — an existing stakeholder in MMT — will increase its stake in the Indian travel company to 49 per cent.

In a tweet, the CCI on Tuesday said it “approves the acquisition of additional outstanding voting securities of MakeMyTrip Limited by Ctrip.com International Limited”.

In April, Naspers had said that it will exit MakeMyTrip by selling its entire shareholding to Ctrip.com International.

Naspers will get a 5.6 per cent stake in Ctrip.com International for selling its stakeholding in MakeMyTrip, the former had said.

Combinations (mergers and acquisitions) beyond a certain threshold require clearance from the CCI.

Get the best of News18 delivered to your inbox – subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what’s happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.