9 May, 2019
Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China (“Ctrip”), announced a committed share exchange transaction with Naspers Limited (“Naspers”), pursuant to which Naspers will exchange its stake in MakeMyTrip Limited (Nasdaq: MMYT) for newly issued shares in Ctrip.
Following the completion of the transaction and other related transactions, which is subject to customary closing conditions and is expected to occur in the second half of 2019, Naspers will own approximately 5.6% of Ctrip’s outstanding ordinary shares, and Ctrip will own ordinary shares and class B shares of MakeMyTrip representing approximately 49.0% of MakeMyTrip’s total voting power.
Skadden represented Ctrip in this transaction. The Skadden team includes partners Julie Gao (Hong Kong), Haiping Li (Shanghai) and Andrew Foster (Hong Kong), counsel Yuting Wu (Shanghai), and associates Kexin Li (Beijing), Layton Niu (Hong Kong) and Cindy Li (Hong Kong).
