MakeMyTrip Makes Second Acquisition This Month: Acquires Thai Group ITC
U.S listed travel portal MakeMyTrip has acquired majority stake in ITC Group, enhancing its South East Asian portfolio of offerings.
Amount paid included $2.2 Mn to the existing shareholders and another $1 Mn for subscription of new shares.
MakeMyTrip will also acquire the remaining shares of the ITC Group from the existing shareholders in cash over four tranched payments up till December 2016, at a price linked to the company’s profitability.
The buy is expected to provide consolidation to MakeMyTrip in Thailand, a key market for its outbound holidays business.
Earlier this month, it bought international travel info and hotel reservation portal, HotelTravel.com.
The ITC group comprises of International Tour Center Co. Ltd., ITC Bangkok Co. Ltd. and ITC South Co. Ltd.
ITC is a hotel aggregator and tour operator for Thailand and has relationships with a number of hotels and other local vendors in Thailand to provide hotel reservations, excursion tours and other travel related services for inbound and outbound travelers in Thailand and the South East Asia region.
India is the fastest growing market for Thailand tourism industry with total arrivals of 7.9 lakh two years back and the figure set to touch 10 lakh this year.
Peer firm Yatra, which recently received $14 Mn in Series D also acquired TravelGuru, a hotel hotel booking site.
Larger player Mahindra Holidays recently acquired a controlling stake in Bangkok resort – Mac Boutique Suites.
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