MakeMyTrip acquires Thai-based ITC Group company

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MakeMyTrip acquires Thai-based ITC Group company
ITC: Quotes, News
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MakeMyTrip Limited, India's leading online travel company today announced that it has acquired an effective majority equity interest in Thai-based hotel of ITC Group company. 

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 also said that it will 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.

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, added further.

Read more about: makemytrip, itc
Story first published: Tuesday, November 27, 2012, 12:13 [IST]
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