Ctrip announces share exchange transaction with Naspers
Shanghai-based online travel operator Ctrip International has announced a share exchange transaction with Naspers Limited pursuant to which Naspers will exchange its stake in MakeMyTrip Limited for newly issued shares in Ctrip.
Concurrent with the share exchange, Ctrip will invest certain ordinary shares and class B shares of MakeMyTrip in a third-party investment entity, it announced on Friday.
After the transaction, Naspers will own approximately 5.6 percent of Ctrip's outstanding ordinary shares, and Ctrip and the third-party investment entity will own ordinary shares and class B shares of MakeMyTrip, representing approximately 49 percent and 4 percent of MakeMyTrip's total voting power, respectively.
MakeMyTrip is India's biggest online travel agency.
"Over the past years we have witnessed the great achievements of MakeMyTrip, and we are confident that MakeMyTrip will extend its success in the future," said James Liang, co-founder and executive chairman of Ctrip.