MakeMyTrip has today completed the merger of its business with Naspers Group-owned ibibo. The closure of this deal comes around three months after the company announced the merger.
As a part of this merger, MakeMyTrip also received approx. $82.8 million in cash. This transaction also led the travel giant, MakeMyTrip, to issue 38.91 million Class B shares (38,971,539 Class B shares) to the parent of Ibibo Group.
The combined entity, jointly owned by Naspers and Tencent, has also purchased 413,035 new ordinary shares of MakeMyTrip at $21.19 per share for a total of around $8.75 million.
In a statement, the company said:
Upon completion of the Transaction, MakeMyTrip will have 91,186,205 issued and outstanding voting shares, including 38,971,539 Class B shares and 413,035 ordinary shares held by Parent, and 9,857,028 ordinary shares held by Ctrip.com International, Ltd.
This is one of the rare deal which marks the coming together of two of India’s largest travel booking portals. It was first announced in October last year and got the approval of Competition Commission of India last fortnight.
With this merger, many big travel brands like MakeMyTrip, goibibo, redBus, Ryde and Rightstay have now come under a single entity. Together, they all have processed 34.1 million transactions during the financial year 2016.
Today, MakeMyTrip Limited announced its most recent quarterly financial results. It reported a profit of $ -0.12 earnings per share for the quarter. The results exceeded Wall Street expectations beating the analyst estimates by $0.51.
The company posted revenue of $76.55 million in the period, compared to analysts expectations of $53.25 million. The company’s revenue was up 77.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.36 EPS.
