Naspers announced today an exchange of its stake in Nasdaq-listed MakeMyTrip for a 5.6% stake in Ctrip.com International Limited (Ctrip).
Ctrip is a well-known provider of online travel and related services headquartered in China.
The company said the share exchange transaction allows Ctrip to enjoy a larger exposure to the India travel market and benefit from the growth of MakeMyTrip.
“Over the past years we have witnessed the great achievements of MakeMyTrip, and we are confident that MakeMyTrip will extend its success in the future,” said James Liang, Co-founder and Executive Chairman of Ctrip.
Ctrip is one of the world’s leading online travel agencies.
“We are grateful for the unstinting support Naspers has provided us over the last couple of years,” Deep Kalra, Chairman and Group CEO of MakeMyTrip, said.
“We have worked with Ctrip in the past years and are excited to take this partnership to the next level. We will leverage this investment to benefit from the tremendous growth potential in travel and tourism between our two countries.”
The transaction is expected to close as soon as practicable in the second half of 2019 and is subject to customary closing conditions, including the requisite regulatory approvals.
“MakeMyTrip has transformed travel in India and beyond since 2000. 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 as a shareholder will create additional value for Naspers and our shareholders,” said Bob van Dijk, Naspers CEO.
Trip.com provides one-stop travel booking services in 19 languages through its website and mobile app.
It is part of the Ctrip Group, a Nasdaq-listed company since 2003 with over 30,000 employees and over 300 million members, making it one of the leading online travel agencies in the world.