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China’s Ctrip now owns almost half of MakeMyTrip after share swap with Naspers

MakeMyTrip today announced a change in the company’s shareholding after Naspers and Chinese travel firm Ctrip agreed on a share exchange. Naspers will exchange its entire shareholding in MakeMyTrip for newly issued shares of Ctrip. Following the transaction, Ctrip will own shares representing approximately 49% of MakeMyTrip’s total voting rights and Naspers will own 5.6% of Ctrip. The transaction is expected to close in the second half of 2019 subject to regulatory approvals, the company said in a release. Two years ago, Naspers invested $132 million in MakeMyTrip as a part of a funding round with CTrip. In that round, MakeMyTrip raised a total of $330 million, so $198 million seemed to have been put in by CTrip. Naspers followed that up with an additional $23 million investment to main its shareholding (of 43%; 40% on a fully diluted basis)…

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