(Reuters) - India-based travel website operator MakeMyTrip Ltd said it would buy rival ibibo Group in an all-stock deal, adding popular online ticketing websites such as goibibo.com and redbus.com to its portfolio.
MakeMyTrip shares rose as much as 55.4 percent in morning trading.
Ibibo owners, including South Africa-based Naspers Ltd and China's Tencent Holdings Ltd, will own 40 percent of MakeMyTrip after the deal closes, expected by the end of December.
MakeMyTrip, which missed profit estimates for the last seven quarters, is expected to report a second-quarter loss of 63 cents and revenue of $50 million, according to Thomson Reuters data.
Makemytrip shares were up 48 percent at $30.15 in late morning trading on Tuesday on the Nasdaq.
(Reporting by Ankit Ajmera and Laharee Chatterjee in Bengaluru; Editing by Savio D'Souza and Anil D'Silva)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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