Company has swapped its interest in India-based online travel platform saying the deal will ‘create additional value for Naspers and its shareholders’Naspers has swapped its interest in India-based online travel platform MakeMyTrip for a 5.6% stake in China’s Ctrip.com International.
The Nasdaq-listed Ctrip, already a large shareholder of MakeMyTrip, has a market capitalisation of $23.5bn , meaning Naspers’s stake will be worth about $1.3bn at current valuations. The share exchange transaction is a significant step in the growth ambitions of both MakeMyTrip and Ctrip, Naspers said.The deal, expected to close in the second half of 2019, will “create additional value for Naspers and its shareholders”.Paul Theron, fund manager at Vestact Asset Management, said as Ctrip acquires a greater stake in MakeMyTrip, it is likely that the market is expecting a buyout in future that traders and investors would want to capitalise on.
In May 2017, Naspers contributed $132m towards a $330m fundraising round by MakeMyTrip, which was also backed by Ctrip. It invested another $23m during the year to maintain its relative shareholding. Following those investments, Naspers owned 43% of MakeMyTrip.
Holiday Holiday Latest News, Holiday Holiday Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BDliveSA - 🏆 12. / 63 Read more »