Online booking platform EaseMyTrip on Tuesday signed multiple definitive agreements to acquire stakes in five companies, a move aimed at diversifying and expanding its business operations into segments like real estate.
The agreements are in connection with the proposed acquisition of 100 %, 50%, 49%, 49%, and 49% stakes in the aggregate paid-up share capital of five firms -- AB Finance, Three Falcons Notting Hill, Javaphile Hospitality, Levo Beauty and Nirvana Grand Golf Developers, respectively.
AB Finance is engaged in the business of purchase and sale of immovable properties.
In a regulatory filing, EaseMyTrip said the "objective of the proposed acquisition is to acquire AB Finance's premium commercial immovable property in Gurugram, Haryana, India at the upmarket Golf Course Road, Sector 53, Gurugram, Haryana, with a view to augmenting and facilitating the company's business expansion and operational requirements".
EaseMyTrip has proposed an aggregate purchase consideration of ₹194.44 crore to the selling shareholders, Ashish Begwani, Dhankalash Distributors Pvt. Ltd., and Sunil Jain.
Besides, Three Falcons is engaged in the hospitality business and owns a boutique hotel under the brand name 'The Knight of Notting Hill' with a pub-cum-restaurant therein.
The company will pay ₹175 crore to the selling shareholder Divyank Singhal.
The objective of the proposed acquisition is to further diversify and inorganically expand the existing business operation of the company, EaseMyTrip said on the stake acquisition in Three Falcons.
Javaphile is engaged in the wholesale business of tea, coffee, cocoa, F&B, cafeteria and restaurant with fine dining, whereas Levo is inter alia engaged in the business of beauticians, manicurists, bridal makeup, hairdressers, hair dyers, makers and suppliers of all kinds of cosmetic products, and to run health care centres, beauty parlours, etc.
Nirvana is engaged in the business of real estate and commission agent services.
