MakeMyTrip acquires majority interest in ITC Group

Pays $2.2 million to existing shareholders for sale of shares in ITC group, and $1 million for new shares

MakeMyTrip Ltd announces the acquisition of majority interest in ITC Group.

ITC Group comprises of International Tour Center Co Ltd, ITC Bangkok Co Ltd. and ITC South Co Ltd.

The company paid $2.2 million to existing shareholders for sale of shares in ITC group, and $1 million for new shares in the group. It will buy remaining shares of ITC Group from existing shareholders in cash over earn-out period ending December 2016.

Details awaited...