Nasdaq-listed online travel services firm MakeMyTrip India Pvt Ltd has acquired the Hotel Travel Group (HT Group) for $25 million.
The online travel Web site HT Group has been operating the Web site www.hoteltravel.com for more than a decade in South-East Asia, and its booking platform offers hotel reservation across the world.
Speaking on the acquisition, Deep Kalra, Founder and CEO, MakeMyTrip.com, said:
“Access to HotelTravel.com’s inventory will help us significantly expand the range of best-value hotel offerings available to Indian customers. The acquisition will help to build a stronger presence in the South-East Asia region.”
Of the total deal value of $25 million, $15 million was paid in cash. The balance $10 million will be paid in the form of MMT shares in three annual tranches and will be completed by March 2016, the company said.