Naspers exits MakeMyTrip, Ctrip raises stake to 49% in share-swap deal

Naspers will own about 5.6% of Ctrip's shares, while Ctrip will raise its shareholding to 49% in MMT

Ctrip.com, China's largest online travel company, has increased its stake in MakeMyTrip (MMT) to 49 per cent through a share swap deal that will see the exit of Naspers from the firm.

Based on the current market capitalisation, Ctrip’s 49 per cent ownership in the Nasdaq-listed MMT will be valued around $1.3 billion. There will be no fresh fund infusion in the company as a part of the deal.

Ctrip picked up a 9 per cent stake in MMT in 2016 with a $180-million investment. Naspers owns 40 per cent in MMT. Naspers will exchange its stake in MMT for