IndusLaw, Stephenson Harwood lead on Cleartrip acquisition of Saudi Arabia’s Flyin group

Online travel agent Cleartrip has acquired the Flyin Group based in Saudi Arabia and related entities across four other jurisdictions.

The cash and stock deal valued Flyin between $50-70 million, reported Business Standard.

The acquisition strengthens Cleartrip’s presence in the MENA region and, in particular, the Saudi Arabian market.

IndusLawacted for Cleartrip and the team was led by led Partner Srinivas Katta along with Senior Associate Kriti Bhatia

Stephenson Harwood Middle East LLP Partner Diwakar Agarwal advised Cleartrip on the Middle East aspects of the transaction.

Support Legal Partners Ahmed Arif and Patrick Rogers advised the sellers.

Chirag Karia, General Manager, Company Secretary and Legal Affairs of Cleartrip led the internal legal effort at Cleartrip.

Commenting on the matter, Srinivas Katta said:

“This was a complex cross-border transaction given the requirements of multiple jurisdictions and the commercial understanding between the parties. Finding a balance was the key given that particular approaches that work for one jurisdiction might 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.”