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MakeMyTrip to acquire majority interest in Thailand's ITC Group for $3.2 million

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Online travel services company MakeMyTrip Ltd on Tuesday announced acquisition of majority interest in Thailand’s hotel company ITC Group for $3.2 million. The group comprises of International Tour Center Co. Ltd., ITC Bangkok Co ltd. and ITC South Co. Ltd.

Online travel services company MakeMyTrip Ltd on Tuesday announced acquisition of majority interest in Thailand’s hotel company ITC Group for $3.2 million. The group comprises of International Tour Center Co. Ltd., ITC Bangkok Co ltd. and ITC South Co. Ltd.

Of the $3.2 million, $2.2 million will be paid to existing shareholders for sale of shares in ITC and $1 million for new shares in the group.

MakeMyTrip will also acquire the remaining shares of the ITC Group from the existing shareholders in cash over an earn-out period ending December 2016

Copyright @ Thomson Reuters 2012

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