Online travel agencies MakeMyTrip and the Ibibo Group completed the merger of the two companies and the parent group of the Ibibo Group (Naspers and Tencent) contributed a working capital of $82.8 million in cash to the new entity. The merged entity will include the MakeMyTrip, goibibo, redBus, Ryde and Rightstay brands. These entities combined processed 34.1 million transactions during the fiscal year 2016. Here's how the transaction completed: - MakeMyTrip has issued 38.97 million class B shares to the parent group. - The newly formed entity also purchased over 413,000 new ordinary shares of MakeMyTrip at $21.19 per share for $8.75 million. - In total, MakeMyTrip will have 91,186,205 issued and outstanding voting shares. This includes 38,971,539 Class B shares and 413,035 ordinary shares held by the parent group. -Chinese online travel agency Ctrip will hold 9,857,028 ordinary shares. Ctrip had invested $180 million in convertible bonds in January 2016. This translated to around 10% stake in the new entity. - Others who will own a stake in the company include founders Rajesh Magow and Deep Kalra, SAIF Partners What's missing: The Economic Times points out that the Ibibo Group's 14% stake in Naspers-owned payments company PayU is not in the merged entity. *** Financials For the quarter ended December 31, 2016 (Q3 FY17), MakeMyTrip posted revenues of of $123.2 million, an increase of 38.6% from $88.9 million in the same quarter last year. - Revenue from hotels and packages segment stood at $82.18 million, an increase of 18.5% from $69.6 million in the same…
