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S&R, Trilegal travel with MakeMyTrip on $720m Ibibo takeover

"Online travel firm MakeMyTrip Ltd has agreed to buy Ibibo Group’s travel business in India in an all-stock deal, creating the country’s largest online travel firm which, according to a note by Morgan Stanley, is worth $1.8 billion. The deal value wasn’t announced, but the $1.8 billion valuation and the fact that Ibibo’s owners, Naspers and Tencent, end up with a 40% stake in the merged entity, translate into a transaction worth $720 million. Naspers owns a third of Tencent, its most valuable investment.” reported Mint.

MakeMyTrip was represented by S&R Associates partners Sandip Bhagat, Rajat Sethi, Radhika Iyer, with associates Shivaji Bhattacharya, Lakshmi Pradeep and Vaishali Singh, with associate Simran Dhir acting on competition law matters.

Ibibo and Naspers were represented by Trilegal partner Yogesh Singh, together with partner Nikhil Narendran and counsel Samidha Tyagi. They were assisted by Gautam Chawla, Jatin Vyas, Anirudh Srinivas, Vijay Santosh, and Samkit Sethia.

On non-Indian law aspects of the deal, Latham & Watkins acted for MakeMyTrip, while Cravath Swaine & Moore represented Ibibo and Naspers.

S&R has been a long-standing adviser of MakeMyTrip, having also acted for the company in its Nasdaq debut IPO in 2010.

Ibibo had in 2013 also instructed Amarchand Mangaldas Mumbai, which is now Cyril Amarchand Mangaldas.

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