South African media conglomerate Naspers, which acquired redBus through its wholly owned subsidiary MIH India Global Internet Ltd, now says that it had acquired 100% stake in the online bus ticketing major for 1 billion rand (around $101 million at the time), instead of the 80% it had mentioned earlier, for the same price. Comparing the statements June 2014: "In June 2013 the group’s subsidiary MIH India Global Internet Limited (MIH India) acquired a 100% interest in redBus, an Indian online ticketing platform. The fair value of the total purchase consideration was R1bn in cash. The purchase price allocation: property, plant and equipment R4m; intangible assets R354m; cash R29m and restricted cash R96m; trade and other receivables R27m; trade and other payables R41m; deferred tax liability R114m and the balance to goodwill." (read) September 2013: "In June 2013 the group acquired an effective 80% interest in redBus, an Indian online ticketing platform. The fair value of the total purchase consideration was R1bn in cash. The purchase price allocation: property, plant and equipment R4m; intangible assets R402m; cash R29m; trade and other receivables R27m; trade and other payables R41m; deferred tax liability R120m and the balance to goodwill. " (read) The difference: The June 2014 includes R96m in restricted cash while the September 2013 statement makes no mention of it; it has R48M lower in intangible assets, R6M lower in deferred tax liability, and as per our calculations, has R42M lower goodwill. We're awaiting a response from Naspers, but, given that…
