On 11th March, Ebix offered a deal to Yatra.com for purchasing it at $336 million. Ebix in a letter had shown interest to acquire the company’s 100% outstanding stock. The board of directors of Yatra.com is yet to finalize this deal and consider it. Yatra stated that there can be no conviction that a deal will result from this manner. The yatra.com shareholders do not require to take any activity at this crucial time. Citigroup Global Markets Inc. is serving as a commercial advisor to Yatra.com and Goodwin Procter LLP is serving as legal counsel.
Yatra has stated that it has joined into a confidentiality contract with Ebix that will facilitate both the groups to initiate due to persistence for the intended purchase. The confidentiality contract does not ensure that a deal will result from this contract.
Yatra.com was founded in 2006 by three young people and this form deals with flight booking, hotel ticket booking, rail services, and many more hospitality services. The company has gained a firm grip over the Indian people and has expanded in the past thirteen years rapidly.
In the year 2016, Yatra.com had endorsed a reverse-merger contract with US-based limited target profit firm Terrapin 3 Acquisition Corporation, which was placed on the Nasdaq, covering the way for a back-door posting of the other Indian online travel services provider in the US after their competitive firm MakeMyTrip.
Atlanta-based Ebix grants software and presents e-commerce assistance for the security, commercial and to the healthcare industries. Its member EbixCash had procured Mumbai-based Mercury Travels and Delhi-based Leisure Corporation in the year 2018 with an intention to produce a travel section concentrated on leisure, attractions, and sports-related tourists. Ebix had in October 2017 obtained online-to-offline travel agency Via for $75 million.
Robin Raina, the CEO of Ebix is the famous business tycoon, fitness enthusiast and social worker have offered this deal to Yatradotcom. It is noteworthy that Robin has constructed around 1800 houses for slum people of Delhi. Ebix headquarters is located in the USA and plans to merge yatra.com with it.
The yatra.com is supported by plenty of risk capital, private investment and imperative investors like Mukesh Ambani-led Reliance Industries corporation, Norwest Venture Partners, Intel Capital, IDG Ventures and Vertex Venture Management.
