The Indian company has spent USD3 million for a majority stake and will make further investments as it plans to acquire more shares from existing shareholders by 2014. Cash payments will be made based on valuations linked to LTT’s profitability.
The acquisition will expand coverage of MakeMyTrip’s travel services to Southeast Asia. LTT has arrangements with over 100 hotels in Singapore and more than 25 in other parts of the region as part of its hotel reservations, tours, and related services business.
MakeMyTrip raised USD70 million last year with a NASDAQ listing and it’s also backed by private equity investors.
We’ve sought comments from MakeMytrip but have yet to receive a response. We’ll post them once we do.
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