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November 26, 2012

Deal Alert: MakeMyTrip acquires majority stake Thailand’s ITC Group for $3.2 M


Nasdaq-listed MakeMyTrip Ltd. has acquired a majority equity interest in Thailand-based ITC Group for $3.2 million. The ITC Group comprises of International Tour Center Co. Ltd., ITC Bangkok Co. Ltd. and ITC South Co. Ltd. MakeMyTrip paid $2.2 million to the existing shareholders for the sale of their shares in the ITC Group and paid $1 million for subscription of new shares in the ITC Group. 

MakeMyTrip will also acquire the remaining shares of the ITC Group from the existing shareholders in cash, payable in four tranches, over an earn-out period ending December 2016. 

From the Venture Intelligence M&A Deal database: MakeMyTrip’s previous acquisitions include Hotel Travel Group (Nov-12), My Guest House Accommodations (Nov-11), Ixigo (Aug-11), Luxury Tours & Travels (Feb-11) and Ticketvala (Feb-10).