Zomato has approved the acquisition of Paytm’s entertainment ticketing business for Rs 2,048 crore. Under this deal, One 97 Communications Limited (OCL) will transfer its movie ticketing business to its subsidiary OTPL and its sports and events ticketing business to WEPL via a slump sale. Zomato will then acquire the entire stakes held by OCL in OTPL and WEPL through a share purchase. Consequently, OTPL and WEPL will become wholly owned subsidiaries of Zomato. For your information Paytm has acquired Insider & TicketNew for ₹268 Cr in 2017-18 for entertainment tickets.
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Paytm released this information via the X post stating that “We’re excited to share that we’ve entered into agreements to sell our entertainment ticketing business, including movies, sports, and events, to Zomato for ₹2,048 cr.” But for the time being “Entertainment ticketing will remain on the Paytm app for up to 12 months during the transition.” As stated in the post.
Update: We're excited to share that we've entered into agreements to sell our entertainment ticketing business, including movies, sports, and events, to Zomato for ₹2,048 cr. This move allows us to focus more on core payments & financial services. We built movie ticketing from… pic.twitter.com/TRnBUiIlTW
— Paytm (@Paytm) August 21, 2024
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