Hotel wars
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India’s competition regulator has directed the country’s largest online travel firm
MakeMyTrip to relist the properties of two budget hotel chains, which it stopped listing in 2018 after signing an agreement with their rival Oyo. The court said clamping down on anti-competitive behaviour was especially important in “winner takes all” platform markets.
Also in today’s letter: Indian IT: Escaping the Exodus Paytm’s NUE plansMakeMyTrip told to relist properties of Oyo rivals
India’s competition regulator has directed MakeMyTrip to allow budget hotel chains
Treebo Hotels and
Mphasis acquisition talks hit impasse as Carlyle refuses to log in
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Synopsis
Negotiations between Blackstone Group and Carlyle Group for the biggest technology acquisition in India have hit a bump as Mphasis’ share price continues to soar.
Agencies
The valuation mismatch between seller Blackstone and sole bidder Carlyle may force the stake sale process to get scrapped.
Mumbai/Chennai: Negotiations between Blackstone Group and Carlyle for the biggest technology takeover in India have hit a bump as
Mphasis’ share price continues to soar, people involved in the matter said.
Differences in valuations resulted in Carlyle walking away at least temporarily after
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ETtech
Other Suitors
ET had on Jan. 4
reported that Brookfield, Bain & Co, Carlyle and Permira were queueing up for a likely $3 billion Mphasis buyout. They are still in the race, but a decision is yet to be taken, one person aware of the matter said.
It is possible that two of the contenders might team up to make a bid, and some of the limited partners of these funds Abu Dhabi Investment Authority (ADIA) or GIC of Singapore may step in as well, said sources close to Blackstone. Permira has opted out. Goldman Sachs PE, according to another source, has also shown last-minute interest to be part of a consortium and is said to have offered a minimum of $500 million funding commitment.