Zomato-Paytm Deal: Online food delivery giant Zomato has announced a big deal. Zomato said on Wednesday that it is going to acquire the movie and event ticketing business of fintech firm Paytm for $244.2 million or Rs 2048 crore. Apart from movies, the ticketing business also includes tickets for sports events and concerts.
Paytm also confirmed
The company One97 Communications Limited (OCL), which operates the Paytm brand, has also given information about this deal. The company told the stock market that despite the sale of this business to Zomato, tickets will be booked only on Paytm’s app in the next 12 months. After this deal, the scope of Zomato’s business will increase. Let us tell you that till now Zomato provides an online platform related to the supply of food products. But now it will also have the business of booking show tickets.
Deal details
Zomato has planned this acquisition through a share purchase agreement. Under this, Zomato, a subsidiary of One 97 Communications, will acquire OCL’s entire stake in OTPL and WEPL. After this, both OTPL and VEPL will become wholly-owned subsidiaries of the food delivery company. Apart from this, Zomato will make primary investment in OTPL and WEPL through preferential allotment. Let us tell you that recently Antfin Singapore Holding sold a little more than two percent stake in Zomato for Rs 4,771 crore.
The condition of the shares of both the companies
Before the announcement of this deal, Zomato’s shares closed down on Wednesday. On the third day of the week, the stock fell 1.16% to Rs 259.95. On the other hand, talking about Paytm’s parent company – One97 Communications Limited, its shares closed at Rs 573.10.
The news is being updated
