The US-based NRI-run Ebix group Wednesday announced the acquisition of the Nasdaq-listed domestic travel portal Yatra for an enterprise valuation of USD 337.8 million(over Rs 2,300 crore) through a merger, creating the country's largest travel services platform. Ebix already has two travel portfolios--Via and Mercury--which operate globally. Weizmann Forex is the second-largest inward remittance provider in cash and is also one of the four largest forex and outward remittance providers in the country. Announcing the deal to buy our Yatra Wednesday, Ebix chairman Robin Raina said, "the acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as the country's largest and most profitable travel services company, besides being the largest enterprise financial exchange". Ebix will be issuing 2,43,747 convertible preferred shares, which in turn will be convertible into 48,74,931 shares of Ebix's common stock, the statement said.

Source: dna July 17, 2019 15:12 UTC