Robin Raina-led Ebix already has two travel portfolios — Via and Mercury — which operate globally and has made various acquisitions in the past (Shutterstock)US-based Ebix on Wednesday announced that it was acquiring Nasdaq-listed travel portal Yatra for an enterprise valuation of $337.8 million (over Rs 2,300 crore) through a merger. The transaction will create India’s largest travel services platform. Robin Raina-led Ebix already has two travel portfolios — Via and Mercury — which operate globally and has made various acquisitions in the past. In April 2018, Ebix bought the forex card business of the Centrum group — Centrum Direct — for around Rs 1,200 crore. Shareholders of each ordinary share of Yatra will be entitled to receive 0.005 shares of a new class of preferred stock of Ebix, the statement said, adding each share of these preferred stock of Ebix will be convertible into 20 shares of common stock of the US firm.

Source: The Telegraph July 17, 2019 19:41 UTC