Zomato Board approves Paytm Insider Acquisition
New Delhi, 23rd Aug 2024: Zomato's board of directors has made a significant move by approving a share purchase and subscription agreement aimed at acquiring the entertainment ticketing business Paytm Insider from One 97 Communications, a parent platform of Paytm.
This acquisition involves two of One 97's wholly owned subsidiaries Orbgen Technologies Private Limited (OTPL) and Wasteland Entertainment Private Limited (WEPL).
The transaction will occur through a slump sale, where One 97 Communications will transfer its movie ticketing operations to OTPL and its sports and events ticketing functions to WEPL. Following this transfer, Zomato will acquire all shares held by One 97 Communications in both OTPL and WEPL, thereby making them entirely owned subsidiaries of Zomato.
In additi...