MakeMyTrip Limited’s creation of one of the leading travel groups in India

Appleby is advising NASDAQ listed MakeMyTrip Limited in connection with the transaction that will combine MakeMyTrip Limited & Ibibo Group under MMYT.

The combination brings together a number of leading consumer travel brands, including MakeMyTrip, goibibo, redBus, Ryde and Rightstay, creating one of the leading travel groups in India, that provides a one-stop shop for all Indian travellers and serves as a critical partner for travel industry suppliers.

Naspers and Tencent, through their jointly owned holding company (91% owned by Naspers and 9% owned by Tencent), are selling ibibo Group to MakeMyTrip in exchange for an issuance of new shares by MakeMyTrip. Upon closing of the transaction, MakeMyTrip will own 100% of ibibo Group. Naspers and Tencent will become the single largest shareholder in MakeMyTrip, owning a 40% stake. The transaction is expected to close by the end of December 2016 and is subject to approval by MakeMyTrip shareholders and regulatory approvals.

Morgan Stanley is acting as exclusive financial advisor to MakeMyTrip and has also provided a fairness opinion to the Board of MakeMyTrip. Latham and Watkins, S&R Associates and Appleby are acting as legal advisors to MakeMyTrip. Goldman Sachs is acting as exclusive financial advisor to ibibo and Naspers, while Cravath, Swaine & Moore, Trilegal are acting as legal advisors.

The Appleby team was led by Partner, Malcolm Moller (Picture) and assisted by Associate, Farzanah Nawool and Associate Legal Executive, Manissa Dhanjee.

Involved fees earner: Judy Lee – Appleby; Chris Cheng – Appleby; Jo Lit – Appleby; Tiffy Wan – Appleby;

Law Firms: Appleby;

Clients: Mengke Holdings Limited;


Author: Andrea Canobbio