Naspers swaps shares in MakeMyTrip for Ctrip stake
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 share exchange transaction allows Ctrip to enjoy a larger exposure to the India travel market and benefit from the growth of MakeMyTrip, Naspers said. The Nasdaq-listed Ctrip, already a large shareholder of MakeMyTrip, has a market capitalisation of $23.5bn (R339bn), meaning Naspers’s stake will be worth about $1.3bn at current valuations. The deal will also allow Nasdaq-listed MakeMyTrip “to benefit from Ctrip’s significant global scale”. The share exchange transaction is a significant step in the growth ambitions of both MakeMyTrip and Ctrip, Naspers said.
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