China's Ctrip acquires Naspers' current shareholding in MakeMyTrip 

Nasdaq-listed MakeMyTrip Ltd (MMYT) has announced a change in the company's shareholding as Naspers and Ctrip International have entered into a share exchange transaction agreement.

Naspers will exchange its entire shareholding in MakeMyTrip for newly issued shares of Ctrip and Ctrip will acquire Naspers' current shareholding in MMYT.

Concurrent with the share exchange, Ctrip will invest certain ordinary shares and class B shares of MakeMyTrip in a third-party investment entity.

Post the transaction, Naspers will own 5.6 percent of Ctrip's outstanding ordinary shares, and Ctrip and the third-party investment entity will own ordinary shares and class B shares of MakeMyTrip representing approximately 49 percent and 4 percent of MakeMyTrip's total voting rights, respectively.

"We are grateful for the unstinting support Naspers has provided us over the last couple of years. We have worked with Ctrip in the past years and are excited to take this partnership to the next level. We will leverage this investment to benefit from the tremendous growth potential in travel and tourism between our two countries," said Deep Kalra, Chairman and Group Chief Executive Officer of MakeMyTrip.

The transaction is expected to close by second half of 2019 and is and is subject to regulatory approvals.

"MakeMyTrip has transformed travel in India and beyond since 2000. The agreement we have announced today is a significant step in the growth ambitions of both MakeMyTrip and Ctrip and we believe continuing to support them as a shareholder will create additional value for Naspers and our shareholders," said Bob van Dijk, Naspers CEO.

Tune in: Deep Kalra explains how he made MakeMyTrip the top travel portal in India