Naspers is swapping a big stake in an online Indian travel company for a small stake in a Chinese one. Booking accommodation, travel tickets and packaged tours online is big business in the world's two most populous nations. India's MakeMyTrip, listed on the Nasdaq in New York, is worth more than $2.6bn (nearly R38bn). China's Ctrip is valued at $23bn. The deal will give the Cape Town-based company a 5.6% shareholding in Ctrip. Naspers has grown into a global internet and e-commerce empire, thanks largely to steady cashflow from MultiChoice. But Naspers unbundled the pay-TV business earlier this year and has announced plans to list its international internet businesses, which include a 31% stake in China's Tencent, in Amsterdam. Tencent is by far the largest investment in Naspers's portfolio, valued at more than $130bn. But the stake in Ctrip, for which Naspers is swapping 42.5% of MakeMyTrip, is not to be scoffed at, being worth more than $1.3bn. "The agreement . is a significant s...

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