Shares of One 97 Communications, the operator of Paytm, surged more than 3% in early trading on Thursday after Zomato approved the acquisition of Paytm’s entertainment ticketing business.
Key Details:
- Agreement Date: August 21, 2024
- Acquiring Companies: Zomato, Wasteland Entertainment Private Limited (WEPL), Orbgen Technologies Private Limited (OTPL)
- Transaction: Slump sale of Paytm’s movie ticketing, sports, and events ticketing businesses
- Business Units Transferred:
- OTPL: Movie ticketing
- WEPL: Sports and events ticketing
“Paytm agrees to sell Entertainment Ticketing Business to Zomato for Rs 2,048 cr; strengthens focus on core payments and financial services distribution,” said One 97 Communications Limited (OCL), which owns the Paytm brand.
“This deal, valued at Rs 2,048 crores on a cash-free, debt-free basis, stands as a testament to the value Paytm has created through its entertainment ticketing business, bringing choice and convenience to millions of Indians with its services and scale,” the company further said.
Market Reaction:
- Shares Trading: Up 3.14% at ₹592.05 as of 9:40 am