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Domestic online travel firm MakeMyTrip agrees to buy Ibibo for $720 million, creating one of the biggest travel business companies in India.
Ibibo that is owned by South Africa-based technology group Naspers Ltd and China's Tencent Holdings Ltd operates brands such as Goibibo, Ryde, Rightstay and redBus.
According to the sources, together, Ibibo and MakeMyTrip processed about 34.1 million transactions in 2015-16.
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...the combined entity is valued at $1.8 billion.
That makes the company value about $1.2 billion.
Co-founder and executive chairman of MakeMyTrip Group Magow will continue to remain chief executive officer of MakeMyTrip India business. Ibibo Group, CEO, and founder, Ashish Kashyap, will join MakeMyTrip's executive team as a co-founder and president of the organization, according to a statement.
"India is a key market for Naspers, and this deal reinforces our commitment to the country. Ibibo and MakeMyTrip have built leading companies through their innovative use of technology to create exceptional experiences for people traveling throughout India and, increasingly, beyond. Today's announcement underlines the continued ambition of Deep, Rajesh and Ashish and their teams, and I look forward to seeing the future success of this new and even stronger business."
"Today's announcement is a significant step forward for the rapidly growing travel industry in India. We expect this deal to create an even more scalable business with the expertise to transform the booking experience for Indian travelers. I am delighted to be leading such a strong team in our next chapter of high-growth in this dynamic industry," he said that.