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Acquisition · Commerce & Consumer Brands

Ebix acquires Yatra in all-stock deal

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Date
Company
Yatra
What it does
Online travel booking company
Kind
Acquisition
Amount
$337.8 million
Stage
public
Sector
Commerce & Consumer Brands

What they do

Yatra is an Indian online travel booking platform for hotels and flights

What happened

Ebix is acquiring Yatra through an all-stock merger valued at $337.8 million

Why it matters

The deal is Ebix's largest acquisition in India and adds Yatra to its EbixCash travel portfolio

The details

  • Ebix is acquiring Yatra through an all-stock merger.
  • The deal values Yatra at an enterprise value of $337.8 million.
  • The net equity value after adjustments is $239 million.
  • Talks between the two companies began in March 2019.
  • Yatra will become part of EbixCash's travel portfolio alongside Via and Mercury.
  • The Yatra brand and its independent operations will continue in India.
  • This is the largest Ebix acquisition in India.

The bigger picture

  • Ebix entered India in May 2017 by acquiring 80% of ItzCash for ₹800 crore.
  • Ebix later acquired traveltech companies Via.com and Zillious.
  • In 2018, EbixCash acquired Mercury Travels and Leisure Corp.
  • Ebix aims to make EbixCash a leading enterprise financial exchange and travel services company.

About the business

  • Yatra is an Indian online travel booking company for hotels and flights.
  • Ebix provides on-demand software and e-commerce services to finance, insurance, and healthcare industries.
  • Ebix CEO is Robin Raina.

What happens next

  • Ebix aims to make EbixCash one of the largest enterprise financial exchanges in India.
  • Ebix eventually wants EbixCash to become the most profitable travel services company.

The deal

Type
acquisition

Investors

  • Citi Group Global Markets Inc. (advisor) — Financial advisor to Yatra.
  • Goodwin Procter LLP (advisor) — Legal advisor to Yatra.

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