Online travel agent Cleartrip has acquired the Flyin Group
Online travel agent Cleartrip has acquired the Flyin Group based in Saudi Arabia and related entities across four other jurisdictions. The acquisition strengthens Cleartrip’s presence in the MENA region and, in particular, the Saudi Arabian market.
A team from Indus Law led by founding partner, Srinivas Katta advised Cleartrip on the documentation. Diwakar Agarwal, corporate partner, Stephenson Harwood Middle East LLP advised Cleartrip on the Middle East aspects of the transaction. The sellers were advised by Support Legal partners Ahmed Arif and Patrick Rogers.
Chirag Karia, General Manager, Company Secretary and Legal Affairs of Cleartrip led the internal legal effort at Cleartrip. “Having established a strong position in India with our world class products, we are pushing ahead with our ambitious expansion plans in the MENA market, and together with Flyin, we have reached a major milestone in our journey. The transaction represents the culmination of our search for a strategic partner that has outstanding market association in Saudi Arabia and shares our business ethos and principles.” said Stuart Crighton, CEO of Cleartrip.
Commenting on the matter, Srinivas Katta said, “An interesting cross border transaction given the requirements of multiple jurisdictions and the commercial understanding between the parties. Finding the balance was the key given that the approach that works for one jurisdiction would not work for another jurisdiction.
Diwakar Agarwal commented, “The transaction was fairly complex since it involved the acquisition of multiple entities across five jurisdictions and also involved obtaining regulatory approvals in the Kingdom.”
Patrick Rogers added, “This transaction will have a material impact on the OTA (online travel aggregator) sector across emerging markets and it was a pleasure working with the various stakeholders. This deal further establishes Support Legal’s strong credentials of helping tech companies get to liquidity events.”
