October 18, 2016 / 2:35 PM / a year ago

BRIEF-MakeMyTrip, ibibo Group announce transaction to consolidate Indian travel businesses

Oct 18 (Reuters) - Makemytrip Ltd :

* MakeMyTrip Limited and ibibo Group announce transaction to consolidate their Indian travel businesses

* MakeMyTrip Ltd - Following closing of proposed transaction, founder Deep Kalra will remain group CEO and Executive Chairman of MakeMyTrip

* MakeMyTrip Ltd - Founder and CEO of ibibo Group, Ashish Kashyap, will join MakeMyTrip’s executive team as a co-founder and President of organization.

* MakeMyTrip Ltd - Rajesh Magow will continue to remain CEO India of MakeMyTrip.

* MakeMyTrip Ltd - Ctrip will have an approximately 10% stake in combined entity

* MakeMyTrip Ltd - $180 million, 5-year convertible notes issued by MakeMyTrip to Ctrip.com in January will also be converted into common equity

* MakeMyTrip - Naspers, Tencent, through jointly owned holding co are selling ibibo Group to MakeMyTrip in exchange for issuance of new MakeMyTrip shares

* Makemytrip Ltd - Naspers and Tencent will become single largest shareholder in MakeMyTrip, owning a 40% stake

* Says Morgan Stanley is acting as exclusive financial advisor to MakeMyTrip

* Says Goldman Sachs is acting as exclusive financial advisor to ibibo and Naspers

* MakeMyTrip Ltd - Co, ibibo have agreed to pursue a transaction that will combine two businesses under co Source text for Eikon: Further company coverage:

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