Online travel marketplace Wego on Monday said it has signed a definitive agreement with homegrown e-commerce major Flipkart to acquire Cleartrip's Middle East business. The transaction also includes the sale of Flyin.com and a technology co-operation agreement between Wego and Flipkart.
"The Boards of Directors of Wego and Flipkart have approved the transaction, which is expected to close in the second half of 2022, subject to customary closing conditions and regulatory approvals," a release stated. The
Walmart-owned
e-commerce major last year had announced the acquisition of the travel booking portal Cleartrip.
Cleartrip expanded organically into the Middle East region in 2010 and acquired Riyadh based Flyin.com in 2018, which played a similar role in kick-starting online travel in Saudi Arabia. Wego and Cleartrip both have their regional headquarters located in Dubai Internet City.
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"Cleartrip and Flyin are both product-driven companies with best-in-class OTA technology that have established strong brands and strong positions across the Middle East," said Ross Veitch, CEO & Co-Founder of Wego.
Ravi Iyer, Senior Vice President and Head - Corporate Development, Flipkart said, "Given our strategic priorities and focus on the Indian market, the acquisition of Cleartrip's Middle East business by Wego provides continuity to its business, and we believe that they are the right partners to boost its next phase of growth."
First Published: Feb 21, 2022 4:46 PM IST
