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

Thursday, 20 October 2016 By Legally India Corporate M&A

“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.

Comments

MS excel 20 Oct 2016, 12:58

+4 -5

Surprised Luthra wasn't staffed on this deal. 'Must be conflicted.

Hmm 20 Oct 2016, 16:36

+6 -2

LOL. their days are long gone. they are safely ranked second in Tier 2 though, right below CAM.

Bold 21 Oct 2016, 03:29

+1 -2

You are tier 2.

Alias 21 Oct 2016, 09:18

+7 -0

Devastating comeback. How will Hmm recover?

Drumpf 21 Oct 2016, 09:29

+4 -1

What a classic Trump response! Watching too much of the US presidency debates, is it?

Big one 20 Oct 2016, 14:36

+15 -0

Wow, that's a mega deal which changes the market and will lead to more investments in ecommerce!

TC 20 Oct 2016, 20:03

+3 -0

Luthra should have done this deal. What is conflicted all the time. No transactions,no deals what is happening at Luthra?

Bold 21 Oct 2016, 03:31

+1 -1

Or may be just a case of bad communications team?!

Mohit needs to let th control go and trust his soldiers. He is an extremely hard working man but needs to appreciate that no gets more than 24 hours in a day. He is a good man, - good lawyer but needs to micromanage less. I don't want to sound rude. I have a lot of respect for him but I personally do not agree with the way he manages the firm.

Italics 21 Oct 2016, 09:02

+5 -0

Mohit is not what is wrong with the Firm. He is actually one of the few people who keeps overambitious people in check. The problem really lies with the fact that the Firm has hired too many people who are related to people "ahem" close to the big boss. They do nothing but slander and gossip all day - you have to sit on the first floor to believe it.

Underlined 21 Oct 2016, 10:53

+2 -0

Its not just the 1st floor....even the 9th floor has this issue. Sadly, Luthra has become akin to kindergarten....the level of slandering and sliming is phenomenal, especially of the few remaining decent folks. As you rightly said, the perpetrators are the products of nepotism. Idle minds I guess. But then wait - isint this a cycle - minds are idle coz of lack of work, and in turn there is lack of work coz of idle minds.

Reality or Perception 21 Oct 2016, 18:21

+1 -0

Come on guys, stop slandering for the sake of it! Please see below. These are instances of two fairly large M&A deals announced in a spate of two months-One deal where Luthra was a seller counsel and in the other deal as acquirer counsel (involves open offer of the Indian company having a market cap of more than 4000 crore). Sure Luthra is not an M&A powerhouse (unlike some of their peers), but they are still around and force to reckon with. Enough of this negativity!

http://www.legallyindia.com/corporate-ma/cyril-amarchand-luthra-help-sony-buy-ten-sports-from-zee-for-385m

http://www.legallyindia.com/corporate-ma/bayer-monsanto-luthra-cyril-amarchand-handle-650m-indian-leg-of-record-busting-takeover#comments

Chennai 21 Oct 2016, 01:21

+0 -0

Congratulations Radhika... Way to go!

$ammy 21 Oct 2016, 05:04

Congratulations Samidha!

KW 21 Oct 2016, 06:15

Big win for S&R

SBsq4eva 21 Oct 2016, 06:21

S&R FTW!

Raju from ET 21 Oct 2016, 08:09

Amazing work Samidha, hope you go places (other than Delhi, Gurgaon and NOIDA)!

Venus from London 21 Oct 2016, 08:53

Well done Sammy! I was thinkiiinnnnggggg..Bombay's loss is Delhi's gain!

Chuva from Bambai 21 Oct 2016, 10:40

So essentialllllllly, Samidha, I hope you're going places already ;-)

Guest 21 Oct 2016, 10:47

Well done Sam. Very proud of you!

Well done 21 Oct 2016, 12:55

+20 -1

Way to go team YZS, this is spectacular returns for all the all nighters you pulled in!

Cravath Associate 21 Oct 2016, 13:40

Why no mention of the Cravath team?

kianganz 21 Oct 2016, 13:47

Sorry buddy, I really am :(

[img]http://i.giphy.com/apowQdwqKcKPK.gif[/img]

Will see if can confirm from Cravath's PR team :)

Cravath Associate 21 Oct 2016, 13:42

I know this is tiny transaction and especially at a time when everyone in the office is working on the at&t time warner takeover

big one this year 21 Oct 2016, 16:58

+18 -1

Good to see Trilegal and S&R on such deals. New big guys are on the roll this year. Congratulations Sandeep, Rajat and Yogesh. Now let your teams take some time off as this was a grueling one.

haha 25 Oct 2016, 06:29

+0 -2

they need time off after one deal? That is probably why they do one deal a year...

Corporate Lawyer10 22 Oct 2016, 07:24

+16 -0

Kudos to the team Trilegal- Now this will blaze the trail for more investments in this sector- surely a game changer- Best wishes for more to come...

CCI 22 Oct 2016, 07:38

I will block this deal. Ha Ha Ha

Commenting is closed for this article.