MakeMyTrip Makes Second Acquisition This Month: Acquires Thai Group ITC
by Vivek Singh
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.
Along with the merger of Shasun Pharmaceutical with itself, Strides Arcolab also announced the induction of a strategic partner in its greenfield biotech project, Stelis Biopharma. As per the deal GMS Holding will pick up 25.1%s stake in the biotech arm infusing $8.5Mn.
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