Integrate or keep separate? ChocoTravel’s dilemma around Aviata M&A

Moreva K. Krupina Y. Ghosh A.
2022 Emerald Group Holdings Ltd.

Emerald Emerging Markets Case Studies
2022 #12 Issue 2 1 - 22 pp.

Learning outcomes: This case will enable students to: understand reasons for mergers and acquisitions (M&A); identify and explain the risks associated with M&A and corresponding risk mitigation approaches; and decision-making on postmerger integrations. Case overview/synopsis: The case discusses the integration dilemma around ChocoTravel’s M&A of Aviata. Both are among the largest online travel agencies in Kazakhstan. The acquisition of Aviata was not the first M&A deal for ChocoFamily – the Holding Company of ChocoTravel; however, it was the largest one. By combining their operations, ChocoTravel and Aviata together could capture 70% of the market share and become the market leader. Although the M&A had high potential toward superior business performance, it had significant risks. Threats of integration failures often make M&As fail. The management of ChocoTravel, therefore, had to consider several factors that could act as potential threats to post-M&A integration. First, each company had its own operating model and corporate culture. Second, both brands, ChocoTravel and Aviata, were well established and recognized in the market; each of them had its own loyal clients. Taking into account low switching costs to customers, the CEO of the new joint company needed to decide whether to integrate ChocoTravel and Aviata or keep them separate or even discontinue one. So, the important thing was not to disrupt operations and lose customers while introducing the post-M&A integration strategy. This case focuses on the challenges of post M&A integration. Complexity academic level: The case targets last year’s bachelor’s students, Master of Business Administration/Master of Science students as part of the business strategy, marketing and branding and M&A classes. It allows students to have a broad in-class discussion and apply knowledge to make strategic management decisions in postmerger integration situations. Supplementary materials: Teaching notes are available for educators only. Subject code: CSS 11: Strategy.

Corporate strategy , e-commerce , Kazakhstan , Leisure travel , Mergers and acquisitions , Online shopping/electronic commerce , OTA , Post-Soviet , Postmerger integration

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Silk Road Case Center, Narxoz University, Almaty, Kazakhstan
Department of Finance, Turan University, Almaty, Kazakhstan
School of Economics and Management, Narxoz University, Almaty, Kazakhstan

Silk Road Case Center
Department of Finance
School of Economics and Management

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