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
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