Indian regulator Competition Commission of India (CCI) has approved the acquisition of 42.5% of outstanding voting shares in MakeMyTrip by Chinese online travel agency Ctrip.
Ctrip holds nearly half of the Indian online travel firm after this acquisition. Ctrip has acquired the additional stake in MakeMyTrip in a swap deal with South Africa-based Naspers which received a 5.6% stake in Ctrip in exchange. The transaction values MakeMyTrip at over US$2.57 billion.
Ctrip’s earlier stake in MakeMyTrip came through a US$180 million investment in convertible bonds in January 2016.
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