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India: MakeMyTrip receives $82.5M as Ibibo completes merger

By  |  February 1, 2017

In October last year, one of biggest consolidation in the travel space was announced with talks of the MakeMyTrip and Ibibo merger. Ibibo has reportedly contributed around $82.8 million in cash to MakeMyTrip. The merger has taken place after three months of the initial announcement.

This merger will bring together the top travel brands like MakeMyTrip, go ibibo, redBus, Ryde, and Rightstay under one unit. These are said to have had over 34.1 million transactions in 2016. This deal has marked the coming together of two of India’s largest travel booking portals.

Additionally, prior to closing, the $180 million, five-year convertible notes issued by MakeMyTrip Limited to Ctrip.com International in January 2016 will also be converted into common equity, resulting in Ctrip having an approximately 10 percent stake in the combined entity.

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