CCI, the fair trade regulator has provided its approval to the online travel portal MakeMyTrip’s proposed acquisition of rival Ibibo group in an equity deal.

The deal was announced in October last year, as per that, South Africa’s Naspers and China’s Tencent Holdings would be selling Ibibo Group to MakeMyTrip in exchange for an issuance of new shares by the latter.

As per the regulator’s website, the Competition Commission of India (CCI) has approved the deal.

MakeMyTrip would own 100 percent of Ibibo Group post completion of the transaction and Naspers and Tencent will become largest shareholder in MakeMyTrip, owning a 40 percent stake and will contribute proportionate working capital.

Read EquityPandit’s Technical Analysis of Indian Stock Market