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Paytm to sell Entertainment Ticketing business to Zomato for Rs 2,048 crore
As part of this agreement, Paytm-parent One 97 Communications Limited will transfer its entertainment ticketing business to Zomato.
One 97 Communications Limited (OCL), which owns the brand Paytm, has entered into definitive agreements for the sale of its entertainment ticketing business that includes movies, sports and events (live performances) ticketing to Zomato Limited. This deal, valued at Rs 2,048 crores on a cash-free, debt-free basis.
As part of this agreement, OCL will transfer its entertainment ticketing business to Zomato by 1) Transfer of OCL’s entertainment ticketing business to it’s 100% subsidiaries, Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), and 2) Selling 100% stake in its subsidiaries OTPL and WEPL, which operate the TicketNew and Insider platforms, respectively to Zomato. The transfer will also include ~280 existing employees from the entertainment ticketing business.
The transaction value is subject to cash and net working capital adjustments at closing. Transaction closure is subject to satisfaction of agreed conditions precedent.
During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners, Paytm said in a statement.
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