MakeMyTrip gets major boost from Ctrip and Naspers' share exchange deal

South African internet giant and media group Naspers announced today exchange of its entire shareholding in Indian online travel company 'MakeMyTrip' for a 5.6 per cent stake in Chinese travel major Ctrip.com.

The Share Exchange Transaction agreement marks a significant step in the growth ambitions of both MakeMyTrip and Ctrip. Ctrip will enjoy a larger exposure to the India travel market and benefit from the growth of MakeMyTrip.

"We are also delighted to welcome Naspers to become our shareholder. Ctrip will continue to work hard to create greater value to our customers, our partners and all shareholders," Jane Sun, CEO of Ctrip commented.

"Today's announcement provides a major boost for MakeMyTrip and the rapidly growing travel industry in India. This partnership will benefit all our stakeholders including employees, customers and business partners. We look forward to working with the Ctrip team to continue to take our business to the next level," said Rajesh Magow, Co-founder and CEO-India of MakeMyTrip.

"MakeMyTrip has transformed travel in India and beyond since 2000. The agreement we have announced today is a significant step in the growth ambitions of both MakeMyTrip and Ctrip and we believe continuing to support them as a shareholder will create additional value for Naspers and our shareholders," said Bob van Dijk, Naspers CEO.

The share exchange deal is expected to close as soon as practicable in the second half of 2019, Naspers said in a press release.