INDIAN OTA MakeMyTrip has acquired a majority interest in hotel aggregator and tour operator ITC Group.
A hotel aggregator and tour operator for Thailand, the ITC Group comprises three companies: International Tour Center, ITC Bangkok and ITC South. It offers hotel reservations, excursion tours and other travel-related services for inbound and outbound travellers in South-east Asia.
MakeMyTrip paid US$2.2 million to the existing shareholders for the sale of their shares in the ITC Group and US$1 million for subscription of new shares in the ITC Group. MakeMyTrip will also acquire the remaining shares of the ITC Group from the existing shareholders in cash, payable in four tranches, over a period ending 2016.
The latest acquisition announcement is the second in a month for MakeMyTrip, which earlier revealed it had acquired the Hotel Travel Group, beefing up its presence in Thailand, Singapore and Malaysia (TTG Asia e-Daily, November 8, 2012).
The move will help MakeMyTrip further expand its presence in Thailand, a key market for its outbound holidays business, by establishing more direct hotel relationships in the country.