(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
Share code: NPN & ISIN: ZAE000015889
LSE ADS code: NPSN & ISIN: US6315121003
("Naspers" or the "Group" or the "Company")
MAKEMYTRIP LIMITED AND IBIBO GROUP TO COMBINE
Investors are advised that terms have been agreed for Naspers Limited's Indian travel business, Ibibo Group (ibibo), to enter into a transaction with Nasdaq-listed MakeMyTrip Limited (NASDAQ:MMYT), which will combine the two businesses under MMYT to create one of the largest travel groups in India.
Naspers and Tencent (700: Hong Kong), through their jointly-owned holding company (91% owned by Naspers and 9% owned by Tencent), are selling 100% of ibibo to MMYT in exchange for the issuance of new shares by MMYT. Naspers and Tencent will become the single largest shareholder in MakeMyTrip, owning a 40% stake, and will contribute proportionate working capital upon closing.
The combination of ibibo and MMYT will bring together a bouquet of leading consumer travel brands, including MakeMyTrip, goibibo, redBus, Ryde and Rightstay. The Transaction is expected to unlock value for customers, supply partners and shareholders, by combining the complementary strengths of each travel group. MMYT brings its strong brand, robust mix of domestic and outbound hotels and packages business, and the strong position of its air ticketing business. ibibo, via its goibibo and redBus brands, comes with strong presence in the fast-growing hotel market, bus ticket-booking segment and a fast-growing air ticketing business.
The Transaction is expected to close by the end of December 2016, and is subject to approval by MMYT shareholders, and regulatory approvals.
18 October 2016
Sponsor: Investec Bank Limited
For more information, please contact:
Head of Investor Relations
+27 11 289 3320
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 130 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world's leading platforms in internet, video entertainment, and media.
Naspers companies connect people to each other and the wider world, help people improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies in which Naspers has invested, acquired or built, including OLX, Avito, letgo, Allegro, eMAG, Flipkart, PayU, MultiChoice, ShowMax, Movile, SimilarWeb and Media24. Similarly, hundreds of millions of people have made Tencent's (www.tencent.com; SEHK 00700) and Mail.ru's (www.corp.mail.ru; LSE: MAIL) platforms a part of their daily lives.
Naspers is listed on the JSE Ltd's stock exchange in Johannesburg (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN). For more information, please visit www.naspers.com
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS