South African internet firm Naspers has decided to exit one of its largest Indian investments — online travel portal MakeMyTrip (MMT) — with the firm set to sell its entire MMT stake to Chinese travel major Ctrip.com International. While MMT did not reveal anny financial details, Naspers will get a 5.6 per cent stake in Ctrip.com International for selling its stakeholding in MakeMyTrip, according to a statement from the Indian firm.
The transaction is expected to close as soon as practicable in the second half of 2019, MMT said.
Ctrip.com is already an existing stakeholder in MMT and will increase its stake after completion of the deal to 49 per cent.
“The agreement we have announced today is a significant step in the growth ambitions of both MakeMyTrip and Ctrip and we believe continuing to support them...,” Naspers CEO Bob van Dijk said.
MMT CEO Deep Kalra said that it will leverage this investment to benefit from the “tremendous growth potential in travel and tourism between” China and India.