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November 6, 2012
09:23 EDTMMYTMakeMyTrip acquires complete stake in HT Group
MakeMyTrip said it has acquired complete stake in the companies in the 'Hotel Travel Group'. HT Group has been operating the website www.hoteltravel.com for more than a decade and has its presence in Thailand, Singapore and Malaysia, the company said. The total consideration payable to the Promoters of the HT Group by MakeMyTrip for acquiring the HT Group is $25M, of which $15M was paid partly in cash and partly in the form of MakeMyTrip shares in the first closing that occurred on November 6. The balance $10M is agreed to be paid in the form of MakeMyTrip shares, in 3 annual tranches through March 2016. Two of the Promoters of the HT Group will continue in employment with the HT Group in key capacities, and will be eligible for additional earn outs and incentives for the next 3 4 years based on HT Group meeting certain revenue and EBIDTA targets. The additional earn outs can raise to $35M and are payable partly in cash and partly in the form of MakeMyTrip shares.
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